California Public Employees Retirement System grew its stake in Universal Display Co. (NASDAQ:OLED) by 4.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,562 shares of the semiconductor company’s stock after purchasing an additional 3,162 shares during the quarter. California Public Employees Retirement System owned approximately 0.16% of Universal Display worth $9,865,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of OLED. Schroder Investment Management Group acquired a new position in shares of Universal Display in the second quarter valued at about $25,450,000. Newbrook Capital Advisors LP grew its stake in shares of Universal Display by 49.4% in the second quarter. Newbrook Capital Advisors LP now owns 558,174 shares of the semiconductor company’s stock valued at $60,981,000 after acquiring an additional 184,683 shares in the last quarter. Columbus Circle Investors grew its stake in shares of Universal Display by 24.1% in the third quarter. Columbus Circle Investors now owns 843,537 shares of the semiconductor company’s stock valued at $108,690,000 after acquiring an additional 163,569 shares in the last quarter. Scout Investments Inc. acquired a new position in shares of Universal Display in the third quarter valued at about $12,515,000. Finally, Neuberger Berman Group LLC grew its stake in shares of Universal Display by 18.2% in the second quarter. Neuberger Berman Group LLC now owns 606,472 shares of the semiconductor company’s stock valued at $66,257,000 after acquiring an additional 93,223 shares in the last quarter. 64.87% of the stock is currently owned by institutional investors.
In other Universal Display news, CFO Sidney D. Rosenblatt sold 50,240 shares of the stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $167.80, for a total transaction of $8,430,272.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rosemarie B. Greco sold 1,250 shares of the stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $168.63, for a total transaction of $210,787.50. Following the sale, the director now owns 12,800 shares in the company, valued at $2,158,464. The disclosure for this sale can be found here. Insiders have sold 146,734 shares of company stock worth $23,349,769 over the last quarter. Corporate insiders own 5.20% of the company’s stock.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.19. The firm had revenue of $61.70 million for the quarter, compared to the consensus estimate of $47.35 million. Universal Display had a net margin of 32.92% and a return on equity of 16.67%. The business’s revenue for the quarter was up 104.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) earnings per share. equities research analysts expect that Universal Display Co. will post 2.33 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.07%. Universal Display’s payout ratio is 5.74%.
OLED has been the topic of several research reports. Zacks Investment Research upgraded shares of Universal Display from a “hold” rating to a “strong-buy” rating and set a $168.00 price target on the stock in a research note on Thursday, November 2nd. Susquehanna Bancshares restated a “positive” rating and issued a $150.00 price target on shares of Universal Display in a research note on Tuesday, September 5th. Gabelli downgraded shares of Universal Display from a “buy” rating to a “hold” rating and set a $134.00 price target on the stock. in a research note on Friday, November 3rd. Cowen restated a “buy” rating and issued a $140.00 price target on shares of Universal Display in a research note on Friday, September 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Universal Display in a research note on Friday, November 3rd. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $155.30.
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Universal Display 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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