Legal & General Group Plc Takes Position in Universal Display Corporation $OLED

Key Points

• Legal & General Group Plc acquired 59,445 shares of Universal Display, valued at approximately $5.15 million, giving it a 0.13% stake. Institutional investors collectively own 78.19% of the company.
• Universal Display’s latest quarter showed mixed results: adjusted EPS of $1.06 exceeded estimates, but revenue of $152.16 million fell short of forecasts and declined 11.4% year over year.
• OLED shares opened at $82.64, near the lower end of their 52-week range. Analysts maintain a consensus “Hold” rating, while the company declared a quarterly dividend of $0.50 per share, representing a 2.4% yield.

Legal & General Group Plc purchased a new position in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 59,445 shares of the semiconductor company's stock, valued at approximately $5,147,000. Legal & General Group Plc owned 0.13% of Universal Display at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the stock. Measured Wealth Private Client Group LLC bought a new position in Universal Display during the 3rd quarter worth $33,000. RHL Group LLC acquired a new position in shares of Universal Display during the fourth quarter valued at $60,000. Canada Pension Plan Investment Board acquired a new position in shares of Universal Display during the second quarter valued at $62,000. UMB Bank n.a. grew its position 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 worth $64,000 after acquiring an additional 121 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Universal Display in the 4th quarter worth about $75,000. Institutional investors own 78.19% of the company's stock.

Universal Display Trading Down 1.1%

OLED stock opened at $82.64 on Friday. The firm's 50-day moving average is $83.67 and its two-hundred day moving average is $91.27. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 20.01 and a beta of 1.56. Universal Display Corporation has a 52 week low of $76.42 and a 52 week high of $153.38.

Universal Display (NASDAQ:OLED - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.03. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. The business had revenue of $152.16 million for the quarter, compared to analyst estimates of $157.54 million. During the same quarter last year, the business earned $1.41 earnings per share. The business's revenue for the quarter was down 11.4% on a year-over-year basis. On average, equities research analysts predict that Universal Display Corporation will post 4.17 earnings per share for the current year.

Universal Display Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on OLED. Susquehanna reduced their target price on shares of Universal Display from $110.00 to $90.00 and set a "neutral" rating for the company in a research note on Friday, July 31st. Citigroup cut their price target on Universal Display from $100.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, August 3rd. Needham & Company LLC reduced their price objective on Universal Display from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Weiss Ratings lowered Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Finally, Zacks Research upgraded Universal Display from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $116.33.

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.

Want to see what other hedge funds are holding OLED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Universal Display Corporation (NASDAQ:OLED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.