Universal Display Corporation (OLED) Shares Gap Up After Earnings Beat

Shares of Universal Display Corporation (NASDAQ:OLED) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $136.55, but opened at $142.70. Universal Display Corporation shares last traded at $158.10, with a volume of 3415847 shares trading hands.

The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.19. The business had revenue of $61.70 million for the quarter, compared to the consensus estimate of $47.35 million. Universal Display Corporation had a net margin of 32.92% and a return on equity of 17.08%. The company’s quarterly revenue was up 104.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.08%. The ex-dividend date is Thursday, December 14th. Universal Display Corporation’s payout ratio is 5.88%.

OLED has been the topic of several recent analyst reports. Cowen and Company set a $140.00 price objective on shares of Universal Display Corporation and gave the company a “buy” rating in a research note on Wednesday, October 11th. Zacks Investment Research downgraded shares of Universal Display Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Cross Research downgraded shares of Universal Display Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Summit Redstone reaffirmed a “hold” rating and set a $95.00 price target on shares of Universal Display Corporation in a research note on Tuesday, August 1st. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $161.00 price target (up previously from $150.00) on shares of Universal Display Corporation in a research note on Monday, September 18th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Universal Display Corporation presently has a consensus rating of “Buy” and a consensus target price of $134.78.

In other news, CFO Sidney D. Rosenblatt sold 50,240 shares of the firm’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $135.02, for a total value of $6,783,404.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.20% of the company’s stock.

Several hedge funds have recently modified their holdings of OLED. Principal Financial Group Inc. raised its stake in shares of Universal Display Corporation by 48.8% in the 1st quarter. Principal Financial Group Inc. now owns 8,709 shares of the semiconductor company’s stock valued at $750,000 after acquiring an additional 2,856 shares during the period. Wellington Management Group LLP purchased a new position in shares of Universal Display Corporation in the 1st quarter valued at $4,133,000. FMR LLC raised its stake in shares of Universal Display Corporation by 193.6% in the 1st quarter. FMR LLC now owns 325,005 shares of the semiconductor company’s stock valued at $27,983,000 after acquiring an additional 214,324 shares during the period. Legal & General Group Plc raised its stake in shares of Universal Display Corporation by 5.9% in the 1st quarter. Legal & General Group Plc now owns 14,415 shares of the semiconductor company’s stock valued at $1,240,000 after acquiring an additional 806 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of Universal Display Corporation in the 1st quarter valued at $5,100,000. 64.69% of the stock is currently owned by institutional investors and hedge funds.

The company has a market capitalization of $7,437.18, a P/E ratio of 77.50 and a beta of 1.03.

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Universal Display Corporation Company Profile

Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in display and solid-state lighting applications. The Company also supplies its OLED materials to manufacturers of OLED displays and lighting products for evaluation and for use in product development and for pre-commercial activities, and it also provides technical assistance and support to these manufacturers.

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