Baker Avenue Asset Management LP Purchases New Stake in Universal Display Corporation $OLED

Baker Avenue Asset Management LP bought a new stake in shares of Universal Display Corporation (NASDAQ:OLED) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,051 shares of the semiconductor company’s stock, valued at approximately $1,398,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Rise Advisors LLC lifted its stake in shares of Universal Display by 87.9% during the first quarter. Rise Advisors LLC now owns 186 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 87 shares in the last quarter. Whittier Trust Co. purchased a new stake in shares of Universal Display during the 2nd quarter valued at about $30,000. Parkside Financial Bank & Trust lifted its position in Universal Display by 236.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 202 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 142 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Universal Display by 98.5% in the 1st quarter. Brooklyn Investment Group now owns 270 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 134 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in Universal Display in the second quarter valued at approximately $39,000. 78.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OLED shares. Zacks Research lowered shares of Universal Display from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Needham & Company LLC decreased their price objective on shares of Universal Display from $170.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Universal Display in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $181.33.

Universal Display Price Performance

NASDAQ:OLED opened at $122.21 on Tuesday. The firm has a market capitalization of $5.81 billion, a P/E ratio of 26.34, a P/E/G ratio of 3.72 and a beta of 1.62. The business has a 50 day simple moving average of $133.26 and a 200 day simple moving average of $142.40. Universal Display Corporation has a 12-month low of $103.70 and a 12-month high of $165.00.

Universal Display (NASDAQ:OLED) last posted its earnings results on Thursday, November 6th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.27). Universal Display had a net margin of 34.65% and a return on equity of 14.10%. The firm had revenue of $139.61 million for the quarter, compared to analyst estimates of $165.56 million. During the same period in the previous year, the firm earned $1.40 earnings per share. The company’s revenue for the quarter was down 13.6% on a year-over-year basis. Research analysts anticipate that Universal Display Corporation will post 4.71 EPS for the current fiscal year.

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, December 17th. Universal Display’s payout ratio is currently 38.79%.

About Universal Display

Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications in the United States and internationally. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.