Universal Display Corporation (OLED) Downgraded by Cross Research
Universal Display Corporation (NASDAQ:OLED) was downgraded by Cross Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
OLED has been the topic of a number of other research reports. Deutsche Bank AG increased their price objective on Universal Display Corporation to $150.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research lowered Universal Display Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $161.00 price objective (up previously from $150.00) on shares of Universal Display Corporation in a research note on Monday, September 18th. Cowen and Company set a $140.00 price objective on Universal Display Corporation and gave the company a “buy” rating in a research note on Wednesday, October 11th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $150.00 price objective on shares of Universal Display Corporation in a research note on Tuesday, September 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $122.78.
Shares of Universal Display Corporation (NASDAQ:OLED) traded up 5.70% on Tuesday, reaching $146.50. The company’s stock had a trading volume of 1,717,996 shares. Universal Display Corporation has a 1-year low of $50.55 and a 1-year high of $149.85. The stock has a market capitalization of $6.89 billion, a P/E ratio of 84.93 and a beta of 1.04. The company has a 50 day moving average of $132.54 and a 200 day moving average of $118.03.
Universal Display Corporation (NASDAQ:OLED) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.31. The company 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%. Universal Display Corporation’s revenue was up 59.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. Equities research analysts expect that Universal Display Corporation will post $2.14 earnings per share for the current fiscal year.
In related news, CFO Sidney D. Rosenblatt sold 50,240 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $135.02, for a total transaction of $6,783,404.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tocqueville Asset Management L.P. purchased a new position in Universal Display Corporation during the third quarter worth about $880,000. Penserra Capital Management LLC purchased a new position in Universal Display Corporation during the third quarter worth about $2,911,000. Raymond James Financial Services Advisors Inc. lifted its position in Universal Display Corporation by 73.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,846 shares of the semiconductor company’s stock worth $3,330,000 after buying an additional 10,952 shares during the period. New Jersey Better Educational Savings Trust purchased a new position in Universal Display Corporation during the third quarter worth about $258,000. Finally, Aperio Group LLC lifted its position in Universal Display Corporation by 7.2% during the third quarter. Aperio Group LLC now owns 10,380 shares of the semiconductor company’s stock worth $1,337,000 after buying an additional 695 shares during the period. Hedge funds and other institutional investors own 64.69% of the company’s stock.
Universal Display Corporation 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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