Governors Lane LP Invests $11.36 Million in Universal Display Corporation $OLED

Key Points

• Governors Lane LP acquired 131,172 shares of Universal Display, valued at approximately $11.36 million, making up 0.8% of its portfolio. Institutional investors collectively own 78.19% of the company.
• Universal Display beat quarterly earnings expectations with adjusted EPS of $1.06 versus $1.03 expected, but revenue fell 11.4% year over year to $152.16 million and missed estimates.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annually, representing a 2.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $116.33, while the stock recently traded near $82.30.

Governors Lane LP acquired a new stake in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 131,172 shares of the semiconductor company's stock, valued at approximately $11,358,000. Universal Display comprises approximately 0.8% of Governors Lane LP's investment portfolio, making the stock its 29th biggest position. Governors Lane LP owned approximately 0.29% of Universal Display as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Lido Advisors LLC boosted its stake in Universal Display by 1.7% in the third quarter. Lido Advisors LLC now owns 5,783 shares of the semiconductor company's stock worth $831,000 after buying an additional 95 shares in the last quarter. Certuity LLC raised its stake in shares of Universal Display by 4.3% during the third quarter. Certuity LLC now owns 2,556 shares of the semiconductor company's stock worth $367,000 after acquiring an additional 105 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Universal Display by 5.7% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,999 shares of the semiconductor company's stock worth $287,000 after acquiring an additional 108 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Universal Display by 0.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 13,979 shares of the semiconductor company's stock worth $2,008,000 after acquiring an additional 113 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of Universal Display by 28.3% in the 4th 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 in the last quarter. 78.19% of the stock is owned by hedge funds and other institutional investors.

Universal Display Stock Performance

Shares of Universal Display stock opened at $82.30 on Wednesday. Universal Display Corporation has a 52-week low of $76.42 and a 52-week high of $153.38. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 19.93 and a beta of 1.56. The company's 50 day moving average price is $83.41 and its 200-day moving average price is $90.45.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its earnings results on Thursday, July 30th. The semiconductor company reported $1.06 EPS for the quarter, topping the consensus estimate 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%. The firm's revenue for the quarter was down 11.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.41 earnings per share. As a group, equities research analysts forecast that Universal Display Corporation will post 4.17 earnings per share for the current fiscal year.

Universal Display Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 16th. Universal Display's dividend payout ratio is 48.43%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. BTIG Research cut shares of Universal Display to a "neutral" rating in a research report on Friday, July 31st. Susquehanna cut their price target on shares of Universal Display from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Friday, July 31st. Zacks Research raised Universal Display from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Oppenheimer reiterated an "outperform" rating and issued a $120.00 price objective (down from $130.00) on shares of Universal Display in a report on Friday, July 31st. Finally, Weiss Ratings lowered 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 issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $116.33.

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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