Fifth Third Bancorp Acquires 16,782 Shares of Universal Display Corporation $OLED

Key Points

• Fifth Third Bancorp sharply increased its stake in Universal Display, buying 16,782 additional shares and lifting its holdings by 4,850.3% to 17,128 shares valued at about $1.57 million.
• Universal Display reported weaker-than-expected quarterly results, posting EPS of $0.76 versus estimates of $1.13 and revenue of $142.21 million versus $161.23 million expected, with revenue down 14.5% year over year.
• Analysts remain cautious overall: the stock has a Hold consensus rating with an average price target of $130.60, even though the shares recently traded at $79.42 and the company continues to pay a quarterly dividend of $0.50 per share.

Fifth Third Bancorp raised its holdings in Universal Display Corporation (NASDAQ:OLED - Free Report) by 4,850.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,128 shares of the semiconductor company's stock after buying an additional 16,782 shares during the quarter. Fifth Third Bancorp's holdings in Universal Display were worth $1,570,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Measured Wealth Private Client Group LLC bought a new position in Universal Display during the third quarter worth $33,000. RHL Group LLC acquired a new stake in Universal Display in the fourth quarter worth $60,000. Canada Pension Plan Investment Board bought a new stake in Universal Display in the second quarter valued at $62,000. UMB Bank n.a. raised its holdings in shares of Universal Display by 28.3% during the fourth quarter. UMB Bank n.a. now owns 549 shares of the semiconductor company's stock valued at $64,000 after purchasing an additional 121 shares during the period. Finally, Global X Japan Co. Ltd. raised its holdings in shares of Universal Display by 61.6% during the fourth quarter. Global X Japan Co. Ltd. now owns 580 shares of the semiconductor company's stock valued at $68,000 after purchasing an additional 221 shares during the period. 78.19% of the stock is currently owned by institutional investors.

Universal Display Stock Performance

Shares of NASDAQ OLED opened at $79.42 on Friday. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 17.73 and a beta of 1.54. Universal Display Corporation has a fifty-two week low of $77.15 and a fifty-two week high of $153.38. The firm's 50-day simple moving average is $86.69 and its 200 day simple moving average is $98.81.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The semiconductor company reported $0.76 EPS for the quarter, missing analysts' consensus estimates of $1.13 by ($0.37). The company had revenue of $142.21 million for the quarter, compared to the consensus estimate of $161.23 million. Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The business's revenue for the quarter was down 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.35 earnings per share. On average, sell-side analysts predict that Universal Display Corporation will post 4.23 EPS for the current year.

Universal Display Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were 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 of this dividend was Tuesday, June 16th. Universal Display's dividend payout ratio is presently 44.64%.

Analysts Set New Price Targets

OLED has been the subject of several research reports. Needham & Company LLC reduced their target price on Universal Display from $145.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Roth Capital set a $168.00 price target on Universal Display in a report on Friday, May 1st. Oppenheimer reduced their price objective on Universal Display from $160.00 to $130.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Weiss Ratings restated a "hold (c-)" rating on shares of Universal Display in a report on Thursday, June 18th. Finally, The Goldman Sachs Group set a $135.00 target price on Universal Display in a research report on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Universal Display presently has an average rating of "Hold" and a consensus price target of $130.60.

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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