Universal Display (NASDAQ:OLED) Downgraded by Oppenheimer

Oppenheimer cut shares of Universal Display (NASDAQ:OLED) from an outperform rating to a market perform rating in a report issued on Wednesday morning, Briefing.com Automated Import reports. They currently have $190.50 price objective on the semiconductor company’s stock. The analysts noted that the move was a valuation call.

OLED has been the subject of a number of other reports. Susquehanna Bancshares reiterated a neutral rating and set a $180.00 price objective on shares of Universal Display in a research note on Monday, April 29th. Needham & Company LLC reiterated a buy rating and set a $200.00 price objective (up from $140.00) on shares of Universal Display in a research note on Friday, May 3rd. Citigroup reiterated a buy rating on shares of Healthequity in a research note on Friday, May 10th. Roth Capital set a $194.00 price objective on Universal Display and gave the company a buy rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research downgraded GenMark Diagnostics from a hold rating to a sell rating in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $168.22.

Universal Display stock opened at $199.62 on Wednesday. The company’s 50-day moving average price is $173.39. The company has a market cap of $9.42 billion, a P/E ratio of 112.78, a P/E/G ratio of 2.72 and a beta of 1.55. Universal Display has a 52-week low of $78.78 and a 52-week high of $201.23.

Universal Display (NASDAQ:OLED) last released its quarterly earnings results on Thursday, May 2nd. The semiconductor company reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.40. The business had revenue of $87.80 million during the quarter, compared to the consensus estimate of $64.59 million. Universal Display had a return on equity of 12.35% and a net margin of 28.93%. The business’s quarterly revenue was up 101.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. As a group, sell-side analysts expect that Universal Display will post 2.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.20%. Universal Display’s dividend payout ratio is presently 32.26%.

In related news, CFO Sidney D. Rosenblatt sold 33,930 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $182.23, for a total value of $6,183,063.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven V. Abramson sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $179.64, for a total value of $5,389,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,750 shares of company stock worth $19,581,068. 3.70% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Meridian Wealth Management LLC purchased a new stake in shares of Universal Display during the 1st quarter worth approximately $31,000. Sontag Advisory LLC purchased a new stake in shares of Universal Display during the 4th quarter worth approximately $37,000. Weaver Consulting Group purchased a new stake in shares of Universal Display during the 1st quarter worth approximately $39,000. Regal Investment Advisors LLC purchased a new stake in shares of Universal Display during the 1st quarter worth approximately $50,000. Finally, Pearl River Capital LLC raised its holdings in shares of Universal Display by 251.4% during the 1st quarter. Pearl River Capital LLC now owns 390 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 279 shares in the last quarter. 75.96% of the stock is currently owned by institutional investors.

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 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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