Universal Display Corp. (OLED) Downgraded to Strong Sell at Zacks Investment Research
Universal Display Corp. (NASDAQ:OLED) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “Universal Display Corporation is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display’s state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop OLED products that meet their needs. “
OLED has been the topic of a number of other reports. Canaccord Genuity assumed coverage on Universal Display Corp. in a research report on Friday, September 23rd. They set a “hold” rating and a $51.00 price objective on the stock. Needham & Company LLC downgraded Universal Display Corp. from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. TheStreet upgraded Universal Display Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 10th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Universal Display Corp. in a research report on Monday, August 8th. Finally, Cowen and Company set a $75.00 price objective on Universal Display Corp. and gave the company a “buy” rating in a research report on Tuesday, October 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $59.50.
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Shares of Universal Display Corp. (NASDAQ:OLED) opened at 50.22 on Wednesday. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 49.04 and a beta of 1.06. The company’s 50 day moving average price is $56.25 and its 200 day moving average price is $61.53. Universal Display Corp. has a 52-week low of $33.06 and a 52-week high of $74.39.
Universal Display Corp. (NASDAQ:OLED) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by $0.04. Universal Display Corp. had a net margin of 24.96% and a return on equity of 10.15%. The company had revenue of $64.40 million for the quarter, compared to analysts’ expectations of $68.68 million. During the same quarter last year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts predict that Universal Display Corp. will post $0.88 EPS for the current year.
In other news, Director Leonard Becker sold 5,000 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $61.11, for a total value of $305,550.00. Following the sale, the director now directly owns 19,650 shares in the company, valued at $1,200,811.50. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.70% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC acquired a new stake in shares of Universal Display Corp. during the second quarter valued at $104,000. Kelly Lawrence W & Associates Inc. CA purchased a new position in shares of Universal Display Corp. during the second quarter valued at about $108,000. BNP Paribas Arbitrage SA boosted its position in shares of Universal Display Corp. by 5,356.7% in the second quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the company’s stock valued at $111,000 after buying an additional 1,607 shares during the period. Societe Generale purchased a new position in shares of Universal Display Corp. during the second quarter valued at about $117,000. Finally, BlackRock Inc. boosted its position in shares of Universal Display Corp. by 66.6% in the first quarter. BlackRock Inc. now owns 2,993 shares of the company’s stock valued at $162,000 after buying an additional 1,197 shares during the period. Hedge funds and other institutional investors own 67.42% of the company’s stock.
Universal Display Corp. 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 displays for wearables, smartphones, tablets and televisions, as well as solid-state lighting applications. The Company’s flat panel displays are used for various portable consumer electronics products, such as mobile phones, wearables, portable media devices, digital cameras, tablets and notebook computers.
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