Assenagon Asset Management S.A. Acquires 7,424 Shares of Universal Display Corporation $OLED

Assenagon Asset Management S.A. grew its holdings in Universal Display Corporation (NASDAQ:OLED) by 27.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,168 shares of the semiconductor company’s stock after buying an additional 7,424 shares during the period. Assenagon Asset Management S.A.’s holdings in Universal Display were worth $3,132,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in OLED. Measured Wealth Private Client Group LLC purchased a new position in Universal Display in the third quarter worth about $33,000. Canada Pension Plan Investment Board bought a new stake in Universal Display in the second quarter worth $62,000. RHL Group LLC purchased a new position in Universal Display during the fourth quarter worth $60,000. UMB Bank n.a. increased its position in Universal Display by 28.3% during the fourth quarter. UMB Bank n.a. now owns 549 shares of the semiconductor company’s stock valued at $64,000 after acquiring an additional 121 shares during the last quarter. Finally, Global X Japan Co. Ltd. increased its position in Universal Display by 61.6% during the fourth quarter. Global X Japan Co. Ltd. now owns 580 shares of the semiconductor company’s stock valued at $68,000 after acquiring an additional 221 shares during the last quarter. 78.19% of the stock is currently owned by institutional investors.

Universal Display Stock Up 0.4%

Shares of NASDAQ:OLED opened at $86.59 on Wednesday. Universal Display Corporation has a 52-week low of $83.64 and a 52-week high of $162.36. The stock has a market cap of $4.05 billion, a P/E ratio of 19.33 and a beta of 1.54. The business’s 50 day moving average is $91.46 and its 200 day moving average is $103.39.

Universal Display (NASDAQ:OLED) last issued its earnings results on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.37). Universal Display had a net margin of 34.08% and a return on equity of 12.34%. The firm had revenue of $142.21 million for the quarter, compared to the consensus estimate of $161.23 million. During the same period last year, the firm earned $1.35 earnings per share. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. On average, sell-side analysts anticipate that Universal Display Corporation will post 4.23 EPS for the current fiscal year.

Universal Display Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Universal Display’s dividend payout ratio is 44.64%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Citigroup reduced their target price on shares of Universal Display from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Weiss Ratings reissued a “hold (c-)” rating on shares of Universal Display in a research note on Thursday, June 18th. Zacks Research lowered Universal Display from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group set a $135.00 target price on Universal Display in a research note on Tuesday, April 21st. Finally, Oppenheimer cut their price objective on Universal Display from $160.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $130.60.

Universal Display Company Profile

Universal Display Corporation (NASDAQ: OLED) is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display’s core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.