Griffin Asset Management Inc. raised its position in shares of Universal Display Co. (NASDAQ:OLED) by 31.4% in the first quarter, HoldingsChannel.com reports. The fund owned 496,734 shares of the semiconductor company’s stock after buying an additional 118,830 shares during the quarter. Universal Display comprises approximately 10.7% of Griffin Asset Management Inc.’s investment portfolio, making the stock its biggest holding. Griffin Asset Management Inc.’s holdings in Universal Display were worth $75,926,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Universal Display by 108.6% during the fourth quarter. BlackRock Inc. now owns 3,754,887 shares of the semiconductor company’s stock valued at $351,345,000 after buying an additional 1,954,515 shares during the last quarter. Norges Bank acquired a new position in shares of Universal Display during the fourth quarter valued at about $40,599,000. Bank of New York Mellon Corp raised its position in shares of Universal Display by 178.8% during the fourth quarter. Bank of New York Mellon Corp now owns 455,871 shares of the semiconductor company’s stock valued at $42,656,000 after buying an additional 292,382 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Universal Display by 29.1% during the third quarter. JPMorgan Chase & Co. now owns 1,023,098 shares of the semiconductor company’s stock valued at $120,623,000 after buying an additional 230,534 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Universal Display by 7,230.1% during the fourth quarter. Principal Financial Group Inc. now owns 182,374 shares of the semiconductor company’s stock valued at $17,065,000 after buying an additional 179,886 shares during the last quarter. Institutional investors own 82.56% of the company’s stock.
A number of research analysts have recently commented on the stock. Citigroup lowered shares of Universal Display from a “buy” rating to a “neutral” rating and set a $167.89 price objective for the company. in a research report on Friday, May 10th. Susquehanna Bancshares reissued a “neutral” rating and issued a $180.00 price target on shares of Universal Display in a research report on Monday, April 29th. Zacks Investment Research lowered shares of Universal Display from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Roth Capital set a $194.00 price target on shares of Universal Display and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $200.00 price target (up previously from $140.00) on shares of Universal Display in a research report on Friday, May 3rd. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Universal Display presently has a consensus rating of “Buy” and an average target price of $160.44.
Universal Display (NASDAQ:OLED) last posted its quarterly earnings results on Thursday, May 2nd. The semiconductor company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.40. The firm had revenue of $87.80 million during the quarter, compared to analyst estimates of $64.59 million. Universal Display had a net margin of 28.93% and a return on equity of 12.35%. The company’s quarterly revenue was up 101.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 earnings per share. Analysts expect that Universal Display Co. will post 2.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend is Thursday, June 13th. Universal Display’s payout ratio is 32.26%.
In other news, Director Richard C. Elias sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.38, for a total transaction of $191,725.00. Following the completion of the sale, the director now owns 1,250 shares of the company’s stock, valued at $191,725. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Janice K. Mahon sold 20,819 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $170.24, for a total transaction of $3,544,226.56. Following the sale, the vice president now directly owns 37,039 shares of the company’s stock, valued at approximately $6,305,519.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,783 shares of company stock valued at $9,450,717. Company insiders own 3.70% of the company’s stock.
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Universal Display Company Profile
Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications. As of February 21, 2019, it owned or had exclusive and co-exclusive licenses, or had sole license rights with respect to approximately 5,000 issued and pending patents worldwide.
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