TimesSquare Capital Management LLC lowered its stake in shares of Universal Display Corporation (NASDAQ:OLED) by 35.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 259,450 shares of the semiconductor company’s stock after selling 140,550 shares during the period. TimesSquare Capital Management LLC owned approximately 0.55% of Universal Display Corporation worth $28,345,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in Universal Display Corporation by 307.5% during the second quarter. IFP Advisors Inc now owns 1,080 shares of the semiconductor company’s stock worth $118,000 after buying an additional 815 shares during the last quarter. FNY Partners Fund LP bought a new position in Universal Display Corporation during the first quarter worth about $146,000. Invictus RG bought a new position in Universal Display Corporation during the first quarter worth about $152,000. BNP Paribas Arbitrage SA boosted its holdings in Universal Display Corporation by 79.4% during the second quarter. BNP Paribas Arbitrage SA now owns 1,536 shares of the semiconductor company’s stock worth $168,000 after buying an additional 680 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Universal Display Corporation during the second quarter worth about $197,000. Hedge funds and other institutional investors own 64.31% of the company’s stock.
Shares of Universal Display Corporation (NASDAQ:OLED) opened at 127.65 on Monday. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 74.00 and a beta of 0.98. Universal Display Corporation has a 12 month low of $47.88 and a 12 month high of $133.50. The company has a 50-day moving average price of $118.27 and a 200-day moving average price of $104.76.
Universal Display Corporation (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.31. The business had revenue of $102.50 million for the quarter, compared to analyst estimates of $84.81 million. Universal Display Corporation had a return on equity of 14.90% and a net margin of 31.15%. The company’s quarterly revenue was up 59.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. Analysts forecast that Universal Display Corporation will post $2.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Friday, September 15th will be issued a $0.03 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.12 annualized dividend and a yield of 0.09%. Universal Display Corporation’s payout ratio is currently 6.94%.
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In other Universal Display Corporation news, CEO Steven V. Abramson sold 18,000 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $124.53, for a total value of $2,241,540.00. Following the transaction, the chief executive officer now owns 262,888 shares in the company, valued at $32,737,442.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Julia J. Brown sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the transaction, the insider now owns 162,932 shares in the company, valued at approximately $20,366,500. The disclosure for this sale can be found here. 5.70% of the stock is currently owned by corporate insiders.
A number of brokerages have issued reports on OLED. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Universal Display Corporation in a report on Wednesday, August 9th. BidaskClub cut Universal Display Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Susquehanna Bancshares Inc raised their target price on Universal Display Corporation from $105.00 to $120.00 and gave the stock a “positive” rating in a report on Monday, May 15th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $150.00 target price (up previously from $140.00) on shares of Universal Display Corporation in a report on Wednesday, August 9th. Finally, Zacks Investment Research cut Universal Display Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 18th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $119.89.
About Universal Display Corporation
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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