Universal Display Co. (OLED) Upgraded by Zacks Investment Research to Strong-Buy
Universal Display Co. (NASDAQ:OLED) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm currently has a $134.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 17.80% from the stock’s current price.
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. “
Other equities research analysts have also recently issued reports about the company. TheStreet raised Universal Display from a “c+” rating to a “b” rating in a research note on Thursday, February 23rd. Goldman Sachs Group Inc reaffirmed a “buy” rating and issued a $88.00 price target on shares of Universal Display in a research note on Thursday, March 30th. Cross Research raised Universal Display from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Friday, May 5th. Gabelli reaffirmed a “buy” rating on shares of Universal Display in a research note on Monday, May 8th. Finally, Benchmark Co. initiated coverage on Universal Display in a research note on Tuesday, April 25th. They issued a “hold” rating on the stock. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $101.38.
Shares of Universal Display (NASDAQ:OLED) traded up 2.62% during trading on Wednesday, hitting $113.75. The company had a trading volume of 981,325 shares. Universal Display has a 1-year low of $47.88 and a 1-year high of $117.85. The company’s 50 day moving average is $93.97 and its 200 day moving average is $72.64. The firm has a market capitalization of $5.35 billion, a P/E ratio of 94.87 and a beta of 1.27.
Universal Display (NASDAQ:OLED) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.22 earnings per share for the quarter. The company had revenue of $55.60 million for the quarter, compared to analysts’ expectations of $33.53 million. Universal Display had a return on equity of 8.37% and a net margin of 21.61%. The firm’s revenue for the quarter was up 87.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 earnings per share. Analysts anticipate that Universal Display will post $1.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.11%. The ex-dividend date is Tuesday, June 13th.
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In other Universal Display news, Director C Keith Hartley sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $114.87, for a total value of $1,148,700.00. Following the sale, the director now directly owns 70,549 shares of the company’s stock, valued at $8,103,963.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Julia J. Brown sold 47,192 shares of the business’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $74.00, for a total value of $3,492,208.00. Following the completion of the sale, the insider now directly owns 217,848 shares in the company, valued at $16,120,752. The disclosure for this sale can be found here. Insiders sold 125,720 shares of company stock worth $12,258,097 over the last three months. Corporate insiders own 5.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in OLED. Wells Fargo & Company MN increased its stake in Universal Display by 22.8% in the third quarter. Wells Fargo & Company MN now owns 949,174 shares of the semiconductor company’s stock valued at $52,689,000 after buying an additional 176,249 shares during the period. Princeton Capital Management Inc. increased its stake in Universal Display by 2.0% in the third quarter. Princeton Capital Management Inc. now owns 85,914 shares of the semiconductor company’s stock valued at $4,769,000 after buying an additional 1,671 shares during the period. Sigma Planning Corp increased its stake in Universal Display by 14.2% in the third quarter. Sigma Planning Corp now owns 20,111 shares of the semiconductor company’s stock valued at $1,116,000 after buying an additional 2,497 shares during the period. Blue Rock Advisors LLC increased its stake in Universal Display by 3.9% in the third quarter. Blue Rock Advisors LLC now owns 11,082 shares of the semiconductor company’s stock valued at $615,000 after buying an additional 420 shares during the period. Finally, BlackRock Fund Advisors increased its stake in Universal Display by 8.4% in the third quarter. BlackRock Fund Advisors now owns 1,084,173 shares of the semiconductor company’s stock valued at $60,182,000 after buying an additional 84,195 shares during the period. 67.82% of the stock is currently owned by institutional investors and hedge funds.
About Universal Display
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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