DAVENPORT & Co LLC Takes $377,000 Position in Universal Display Corporation (NASDAQ:OLED)

DAVENPORT & Co LLC acquired a new position in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 2,700 shares of the semiconductor company's stock, valued at approximately $377,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC lifted its holdings in shares of Universal Display by 5.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,615 shares of the semiconductor company's stock valued at $245,000 after buying an additional 85 shares during the period. Arizona State Retirement System lifted its holdings in shares of Universal Display by 0.7% in the 4th quarter. Arizona State Retirement System now owns 13,065 shares of the semiconductor company's stock valued at $1,910,000 after buying an additional 88 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Universal Display by 0.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,091 shares of the semiconductor company's stock valued at $1,475,000 after buying an additional 90 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Universal Display by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 2,603 shares of the semiconductor company's stock valued at $363,000 after buying an additional 95 shares during the period. Finally, Utah Retirement Systems lifted its holdings in shares of Universal Display by 1.3% in the 4th quarter. Utah Retirement Systems now owns 7,820 shares of the semiconductor company's stock valued at $1,143,000 after buying an additional 100 shares during the period. 78.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OLED has been the subject of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $170.00 price target on shares of Universal Display in a report on Friday, May 2nd. Wall Street Zen raised Universal Display from a "sell" rating to a "hold" rating in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Universal Display presently has a consensus rating of "Moderate Buy" and an average target price of $190.43.

Universal Display Price Performance

Universal Display stock traded up $3.66 during mid-day trading on Tuesday, hitting $158.97. 545,607 shares of the company were exchanged, compared to its average volume of 610,955. The business's 50 day simple moving average is $150.12 and its two-hundred day simple moving average is $144.89. The company has a market capitalization of $7.56 billion, a P/E ratio of 33.05, a PEG ratio of 1.73 and a beta of 1.51. Universal Display Corporation has a 12-month low of $103.70 and a 12-month high of $237.00.

Universal Display (NASDAQ:OLED - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The semiconductor company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.28. The company had revenue of $166.28 million during the quarter, compared to the consensus estimate of $154.76 million. Universal Display had a return on equity of 15.35% and a net margin of 35.40%. Universal Display's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.19 earnings per share. Equities research analysts predict that Universal Display Corporation will post 4.71 earnings per share for the current year.

Universal Display Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.13%. The ex-dividend date was Monday, June 16th. Universal Display's payout ratio is 37.42%.

Universal Display Profile

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.