Amundi Sells 18,318 Shares of Universal Display Corporation $OLED

Key Points

• Amundi reduced its Universal Display stake by 4% in the second quarter, selling 18,318 shares and retaining 440,998 shares valued at approximately $38.2 million. Institutional investors collectively own 78.19% of the company.
• Universal Display beat quarterly earnings expectations with $1.06 in EPS versus $1.03 projected, but revenue fell 11.4% year over year to $152.16 million, below analysts’ estimates.
• The company declared a quarterly dividend of $0.50 per share, equivalent to a 2.5% annualized yield. Analysts have a consensus “Hold” rating, with an average price target of $116.33 after several firms lowered their targets.

Amundi reduced its stake in Universal Display Corporation (NASDAQ:OLED - Free Report) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 440,998 shares of the semiconductor company's stock after selling 18,318 shares during the period. Amundi owned 0.96% of Universal Display worth $38,199,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. XXEC Inc. bought a new position in Universal Display in the 2nd quarter valued at about $2,508,286,000. California State Teachers Retirement System lifted its holdings in Universal Display by 8,176.2% during the 2nd quarter. California State Teachers Retirement System now owns 4,339,198 shares of the semiconductor company's stock worth $375,731,000 after purchasing an additional 4,286,768 shares during the last quarter. BlackRock Inc. acquired a new stake in Universal Display during the 2nd quarter worth approximately $373,931,000. Primecap Management Co. CA bought a new stake in Universal Display in the 2nd quarter valued at $190,136,000. Finally, State Street Corp boosted its stake in Universal Display by 4.3% in the 4th quarter. State Street Corp now owns 1,694,779 shares of the semiconductor company's stock valued at $197,916,000 after purchasing an additional 69,163 shares during the period. 78.19% of the stock is owned by institutional investors.

Universal Display Trading Up 1.6%

Shares of Universal Display stock opened at $81.16 on Friday. The company has a market cap of $3.73 billion, a PE ratio of 19.65 and a beta of 1.56. The company has a 50 day moving average of $83.40 and a 200-day moving average of $90.03. Universal Display Corporation has a 1-year low of $76.42 and a 1-year high of $153.38.

Universal Display (NASDAQ:OLED - Get Free Report) last released its earnings results on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Universal Display had a return on equity of 11.35% and a net margin of 32.24%.The firm had revenue of $152.16 million during the quarter, compared to analysts' expectations of $157.54 million. During the same period in the prior year, the company earned $1.41 earnings per share. The company's quarterly revenue was down 11.4% on a year-over-year basis. Research analysts forecast that Universal Display Corporation will post 4.17 earnings per share for the current year.

Universal Display Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, September 16th. Universal Display's payout ratio is currently 48.43%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on OLED. Susquehanna dropped their target price on Universal Display from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Friday, July 31st. Citigroup decreased their price target on shares of Universal Display from $100.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, August 3rd. BTIG Research lowered shares of Universal Display to a "neutral" rating in a research report on Friday, July 31st. Oppenheimer reiterated an "outperform" rating and issued a $120.00 price objective (down from $130.00) on shares of Universal Display in a research note on Friday, July 31st. Finally, Needham & Company LLC cut their price objective on shares of Universal Display from $120.00 to $100.00 and set a "buy" rating for the company in a report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $116.33.

Universal Display Company Profile

Universal Display Corporation NASDAQ: OLED is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display's core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.

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