Universal Display Co. (NASDAQ:OLED) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 4,041,932 shares, a drop of 2.8% from the March 15th total of 4,159,294 shares. Based on an average daily trading volume, of 643,953 shares, the days-to-cover ratio is currently 6.3 days.
In related news, insider Julia J. Brown sold 47,192 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $74.00, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Leonard Becker sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $82.20, for a total transaction of $411,000.00. Following the sale, the director now owns 17,500 shares of the company’s stock, valued at $1,438,500. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,720 shares of company stock valued at $12,258,097. Corporate insiders own 5.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Blue Rock Advisors LLC raised 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 worth $615,000 after buying an additional 420 shares during the last quarter. Sigma Planning Corp raised 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 worth $1,116,000 after buying an additional 2,497 shares during the last quarter. Sei Investments Co. raised its stake in Universal Display by 20.8% in the third quarter. Sei Investments Co. now owns 8,554 shares of the semiconductor company’s stock worth $475,000 after buying an additional 1,470 shares during the last quarter. Princeton Capital Management Inc. raised 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 worth $4,769,000 after buying an additional 1,671 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Universal Display by 22.8% in the third quarter. Wells Fargo & Company MN now owns 949,174 shares of the semiconductor company’s stock worth $52,689,000 after buying an additional 176,249 shares in the last quarter. Institutional investors own 67.82% of the company’s stock.
Universal Display (NASDAQ:OLED) last issued its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.22 EPS for the quarter. Universal Display had a return on equity of 8.37% and a net margin of 21.61%. The firm had revenue of $55.60 million for the quarter, compared to analysts’ expectations of $33.53 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The business’s revenue for the quarter was up 87.2% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.11%.
OLED has been the subject of a number of analyst reports. Susquehanna Bancshares Inc initiated coverage on shares of Universal Display in a research note on Wednesday, February 15th. They issued a “positive” rating and a $100.00 target price for the company. Cowen and Company reissued an “outperform” rating and issued a $75.00 price target on shares of Universal Display in a research report on Thursday, February 16th. Needham & Company LLC reissued a “hold” rating on shares of Universal Display in a research report on Wednesday, February 22nd. Canaccord Genuity lifted their price target on shares of Universal Display from $49.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, February 24th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Universal Display in a research report on Friday, February 24th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $101.38.
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Universal Display 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 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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