Bank of New York Mellon Corp Acquires Shares of 320,137 Universal Display Corporation $OLED

Key Points

• Bank of New York Mellon acquired 320,137 shares of Universal Display, worth approximately $27.7 million, giving it a 0.70% stake. Institutional investors and hedge funds collectively own 78.19% of the company.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $116.33 after several firms lowered their targets. Shares opened at $82.98, near the company’s 52-week low of $76.42.
• Universal Display exceeded quarterly EPS expectations, reporting $1.06 versus a $1.03 estimate, although revenue fell 11.4% year over year to $152.16 million. The company also declared a quarterly dividend of $0.50, equivalent to a 2.4% annualized yield.

Bank of New York Mellon Corp bought a new position in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 320,137 shares of the semiconductor company's stock, valued at approximately $27,721,000. Bank of New York Mellon Corp owned about 0.70% of Universal Display as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OLED. Norges Bank acquired a new stake in shares of Universal Display during the 4th quarter valued at approximately $92,756,000. JPMorgan Chase & Co. increased its stake in Universal Display by 86.4% during the fourth quarter. JPMorgan Chase & Co. now owns 880,678 shares of the semiconductor company's stock valued at $102,846,000 after purchasing an additional 408,315 shares during the last quarter. Analog Century Management LP acquired a new stake in shares of Universal Display during the fourth quarter worth $46,914,000. UBS Group AG raised its holdings in shares of Universal Display by 100.8% during the fourth quarter. UBS Group AG now owns 646,787 shares of the semiconductor company's stock worth $75,532,000 after purchasing an additional 324,677 shares during the period. Finally, XXEC Inc. lifted its position in shares of Universal Display by 489.3% in the 1st quarter. XXEC Inc. now owns 386,937 shares of the semiconductor company's stock worth $35,467,000 after buying an additional 321,276 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OLED. Susquehanna lowered 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. Zacks Research upgraded Universal Display from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Oppenheimer reissued an "outperform" rating and issued a $120.00 price target (down from $130.00) on shares of Universal Display in a report on Friday, July 31st. Citigroup reduced their price objective on Universal Display from $100.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Finally, Weiss Ratings downgraded Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $116.33.

Universal Display Stock Down 2.2%

Shares of OLED opened at $82.98 on Friday. The firm has a market capitalization of $3.81 billion, a PE ratio of 20.09 and a beta of 1.54. The firm has a 50-day moving average price of $84.07 and a 200 day moving average price of $92.78. Universal Display Corporation has a 52-week low of $76.42 and a 52-week high of $153.38.

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

Universal Display Announces Dividend

The company 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 2.4%. The ex-dividend date is Wednesday, September 16th. Universal Display's dividend payout ratio is 48.43%.

Universal Display 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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