Universal Display (OLED) Stock Rating Lowered by Zacks Investment Research
Universal Display (NASDAQ:OLED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Several other brokerages have also recently commented on OLED. Gabelli cut Universal Display from a “buy” rating to a “hold” rating and set a $134.00 price target for the company. in a research note on Friday, November 3rd. Deutsche Bank boosted their price target on Universal Display to $190.00 and gave the company a “buy” rating in a research note on Friday, December 8th. BidaskClub cut Universal Display from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Goldman Sachs Group reissued a “buy” rating and issued a $161.00 price target (up previously from $150.00) on shares of Universal Display in a research note on Monday, September 18th. Finally, Susquehanna Bancshares boosted their price target on Universal Display from $195.00 to $215.00 and gave the company a “positive” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $161.50.
Universal Display (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.19. The business had revenue of $61.70 million during the quarter, compared to analysts’ expectations of $47.35 million. Universal Display had a return on equity of 16.67% and a net margin of 32.92%. The firm’s quarterly revenue was up 104.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. equities analysts anticipate that Universal Display will post 2.33 earnings per share for the current year.
In other Universal Display news, insider Julia J. Brown sold 10,000 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the insider now directly owns 152,932 shares in the company, valued at $22,939,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence Lacerte sold 16,500 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $166.04, for a total value of $2,739,660.00. Following the transaction, the director now owns 350,000 shares of the company’s stock, valued at $58,114,000. The disclosure for this sale can be found here. Insiders sold 146,734 shares of company stock valued at $23,349,769 over the last 90 days. 5.20% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in Universal Display by 33.4% during the first quarter. Bank of America Corp DE now owns 72,951 shares of the semiconductor company’s stock worth $6,281,000 after acquiring an additional 18,272 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Universal Display by 198.8% during the third quarter. Russell Investments Group Ltd. now owns 66,709 shares of the semiconductor company’s stock worth $8,595,000 after purchasing an additional 44,384 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Universal Display by 27.6% during the fourth quarter. Wells Fargo & Company MN now owns 71,953 shares of the semiconductor company’s stock worth $3,917,000 after purchasing an additional 15,556 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Universal Display during the first quarter worth $792,000. Finally, BKS Advisors LLC bought a new stake in shares of Universal Display during the second quarter worth $2,318,000. Hedge funds and other institutional investors own 64.87% of the company’s stock.
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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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