Citigroup Inc. Reduces Stake in Universal Display Corporation (NASDAQ:OLED)

Citigroup Inc. reduced its stake in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 29.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,693 shares of the semiconductor company's stock after selling 82,709 shares during the period. Citigroup Inc. owned 0.41% of Universal Display worth $27,295,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OLED. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Universal Display by 2.8% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,536,513 shares of the semiconductor company's stock worth $370,838,000 after purchasing an additional 69,043 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Universal Display by 2.1% during the 1st quarter. Primecap Management Co. CA now owns 1,835,722 shares of the semiconductor company's stock valued at $256,047,000 after purchasing an additional 38,590 shares during the last quarter. Greenhouse Funds LLLP increased its position in shares of Universal Display by 11.2% during the 4th quarter. Greenhouse Funds LLLP now owns 583,603 shares of the semiconductor company's stock valued at $85,323,000 after purchasing an additional 58,775 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Universal Display by 41.5% during the 4th quarter. Janus Henderson Group PLC now owns 551,673 shares of the semiconductor company's stock valued at $80,674,000 after purchasing an additional 161,782 shares during the last quarter. Finally, Brown Advisory Inc. bought a new position in Universal Display in the 1st quarter valued at $72,327,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

Universal Display Trading Down 1.5%

NASDAQ OLED traded down $2.11 on Friday, reaching $141.47. 494,156 shares of the company were exchanged, compared to its average volume of 527,663. The business's fifty day moving average price is $151.19 and its 200 day moving average price is $144.58. The stock has a market capitalization of $6.72 billion, a P/E ratio of 27.63, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. Universal Display Corporation has a fifty-two week low of $103.70 and a fifty-two week high of $215.90.

Universal Display (NASDAQ:OLED - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.18 by $0.23. Universal Display had a return on equity of 15.82% and a net margin of 36.95%. The business had revenue of $171.79 million for the quarter, compared to analyst estimates of $161.58 million. During the same quarter in the prior year, the company posted $1.10 EPS. The company's quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts forecast that Universal Display Corporation will post 4.71 earnings per share for the current year.

Universal Display Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 16th. This represents a $1.80 dividend on an annualized basis and a yield of 1.3%. Universal Display's dividend payout ratio is 35.16%.

Analysts Set New Price Targets

Several equities analysts have commented on OLED shares. Wall Street Zen raised Universal Display from a "sell" rating to a "hold" rating in a research report on Friday, May 2nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $170.00 price objective on shares of Universal Display in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Universal Display presently has an average rating of "Moderate Buy" and a consensus price target of $190.43.

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 display and solid-state lighting applications in the United States and internationally. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.