Canada Pension Plan Investment Board Takes Position in Universal Display Corporation $OLED

Key Points

• Canada Pension Plan Investment Board acquired 367,206 Universal Display shares worth approximately $31.8 million, representing about 0.8% of the company. Institutional investors collectively own 78.19% of the stock.
• Universal Display exceeded quarterly earnings expectations with $1.06 in EPS versus $1.03 forecast, but revenue fell 11.4% year over year to $152.16 million, below estimates.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annually, yielding about 2.4%. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $116.33.

Canada Pension Plan Investment Board acquired a new position in Universal Display Corporation (NASDAQ:OLED - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 367,206 shares of the semiconductor company's stock, valued at approximately $31,796,000. Canada Pension Plan Investment Board owned about 0.80% of Universal Display as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of OLED. XXEC Inc. acquired a new position in Universal Display in the 2nd quarter worth approximately $2,508,286,000. BlackRock Inc. acquired a new stake in Universal Display during the 2nd quarter valued at approximately $373,931,000. Norges Bank purchased a new stake in shares of Universal Display in the 4th quarter valued at $92,756,000. JPMorgan Chase & Co. increased its stake in shares of Universal Display by 86.4% in the fourth quarter. JPMorgan Chase & Co. now owns 880,678 shares of the semiconductor company's stock worth $102,846,000 after acquiring an additional 408,315 shares during the period. Finally, Analog Century Management LP purchased a new position in shares of Universal Display during the fourth quarter worth $46,914,000. Institutional investors and hedge funds own 78.19% of the company's stock.

Universal Display Stock Performance

Shares of NASDAQ OLED opened at $82.98 on Friday. The company's fifty day moving average price is $84.07 and its 200 day moving average price is $92.78. Universal Display Corporation has a 1 year low of $76.42 and a 1 year high of $153.38. The company has a market capitalization of $3.81 billion, a PE ratio of 20.09 and a beta of 1.54.

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

Universal Display Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Universal Display's dividend payout ratio is currently 48.43%.

Wall Street Analyst Weigh In

Several research firms have commented on OLED. Citigroup lowered their price target on shares of Universal Display from $100.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Oppenheimer reiterated an "outperform" rating and set a $120.00 price objective (down from $130.00) on shares of Universal Display in a research note on Friday, July 31st. Weiss Ratings cut Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Needham & Company LLC lowered their target price on Universal Display from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Finally, Roth Capital set a $168.00 target price on Universal Display in a report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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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