Jennison Associates LLC Has $12.89 Million Holdings in Universal Display Corporation $OLED

Key Points

• Jennison Associates LLC cut its stake in Universal Display by 65.7% in the first quarter, leaving it with 140,591 shares worth about $12.89 million at quarter-end.
• Universal Display reported weaker-than-expected results for its latest quarter, with EPS of $0.76 versus the $1.13 estimate and revenue of $142.21 million below expectations; revenue also fell 14.5% year over year.
• The stock remains under a mixed analyst outlook, with a consensus rating of “Hold” and an average price target of $130.60, even as shares traded around $82.18 and the company continues paying a $0.50 quarterly dividend.

Jennison Associates LLC lessened its position in Universal Display Corporation (NASDAQ:OLED - Free Report) by 65.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 140,591 shares of the semiconductor company's stock after selling 269,087 shares during the quarter. Jennison Associates LLC owned about 0.30% of Universal Display worth $12,887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Systematic Financial Management LP lifted its position in shares of Universal Display by 40.2% during the 4th quarter. Systematic Financial Management LP now owns 196,515 shares of the semiconductor company's stock worth $22,949,000 after purchasing an additional 56,320 shares during the last quarter. UBS Group AG grew its holdings in Universal Display by 100.8% in the 4th quarter. UBS Group AG now owns 646,787 shares of the semiconductor company's stock valued at $75,532,000 after buying an additional 324,677 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new position in Universal Display in the 4th quarter worth approximately $1,962,000. Deprince Race & Zollo Inc. increased its position in Universal Display by 86.6% in the 4th quarter. Deprince Race & Zollo Inc. now owns 428,335 shares of the semiconductor company's stock worth $50,021,000 after buying an additional 198,845 shares during the period. Finally, XXEC Inc. lifted its holdings in shares of Universal Display by 26.2% during the fourth quarter. XXEC Inc. now owns 65,661 shares of the semiconductor company's stock worth $7,668,000 after buying an additional 13,615 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company's stock.

Universal Display Trading Up 0.8%

NASDAQ OLED opened at $82.18 on Wednesday. Universal Display Corporation has a 1-year low of $77.15 and a 1-year high of $153.38. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 18.34 and a beta of 1.54. The stock's 50 day moving average is $87.14 and its two-hundred day moving average is $99.36.

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

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, June 16th. Universal Display's dividend payout ratio is currently 44.64%.

Analysts Set New Price Targets

OLED has been the subject of several research reports. Zacks Research cut Universal Display from a "hold" rating to a "strong sell" rating in a research report on Tuesday, April 21st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Universal Display in a research note on Thursday, June 18th. Roth Capital set a $168.00 price target on shares of Universal Display in a report on Friday, May 1st. Oppenheimer decreased their price target on shares of Universal Display from $160.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 1st. Finally, Citigroup dropped their price objective on shares of Universal Display from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $130.60.

Universal Display Company 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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