Griffin Asset Management Inc. Lowers Stock Position in Universal Display Corporation $OLED

Key Points

• Griffin Asset Management reduced its stake in Universal Display by 18.9% in the fourth quarter, selling 50,990 shares and leaving it with 218,285 shares worth about $25.5 million.
• Universal Display’s latest quarterly results missed expectations, with EPS of $0.76 versus $1.13 expected and revenue of $142.21 million versus $161.23 million forecast. Revenue fell 14.5% from a year earlier.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annually, for a yield of about 2.2%. Analysts currently have a consensus rating of Hold with an average price target of $130.60.

Griffin Asset Management Inc. cut its holdings in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 18.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,285 shares of the semiconductor company's stock after selling 50,990 shares during the quarter. Universal Display accounts for 2.8% of Griffin Asset Management Inc.'s holdings, making the stock its 3rd largest position. Griffin Asset Management Inc. owned 0.46% of Universal Display worth $25,491,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Universal Display by 10.0% during the third quarter. Vanguard Group Inc. now owns 5,069,107 shares of the semiconductor company's stock worth $728,076,000 after purchasing an additional 460,792 shares during the period. Primecap Management Co. CA increased its holdings in shares of Universal Display by 1.9% during the third quarter. Primecap Management Co. CA now owns 2,258,378 shares of the semiconductor company's stock worth $324,371,000 after purchasing an additional 43,070 shares during the period. Greenhouse Funds LLLP increased its holdings in shares of Universal Display by 12.6% during the third quarter. Greenhouse Funds LLLP now owns 725,278 shares of the semiconductor company's stock worth $104,172,000 after purchasing an additional 81,132 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Universal Display by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 685,707 shares of the semiconductor company's stock worth $98,490,000 after purchasing an additional 19,017 shares during the period. Finally, UBS Group AG increased its holdings in shares of Universal Display by 100.8% during the fourth quarter. UBS Group AG now owns 646,787 shares of the semiconductor company's stock worth $75,532,000 after purchasing an additional 324,677 shares during the period. 78.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of Universal Display in a research note on Monday, March 23rd. Wall Street Zen raised shares of Universal Display from a "sell" rating to a "hold" rating in a research note on Sunday, February 22nd. Oppenheimer decreased their price objective on shares of Universal Display from $160.00 to $130.00 and set an "outperform" rating on the stock in a research note on Friday, May 1st. Zacks Research cut shares of Universal Display from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 21st. Finally, Citigroup decreased their price objective on shares of Universal Display from $105.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, May 4th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $130.60.

Universal Display Stock Performance

NASDAQ OLED opened at $90.66 on Thursday. The firm's fifty day moving average price is $94.08 and its two-hundred day moving average price is $109.99. The stock has a market cap of $4.24 billion, a PE ratio of 20.24 and a beta of 1.54. Universal Display Corporation has a fifty-two week low of $83.64 and a fifty-two week high of $163.21.

Universal Display (NASDAQ:OLED - Get Free Report) last posted its earnings results on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share 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 quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.35 EPS. As a group, sell-side analysts predict that Universal Display Corporation will post 4.4 earnings per share for the current fiscal year.

Universal Display Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, June 16th. Universal Display's payout ratio is presently 44.64%.

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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