Polar Asset Management Partners Inc. Sells 187,546 Shares of Universal Display Corporation $OLED

Key Points

• Polar Asset Management Partners cut its Universal Display stake by 77.2% in the first quarter, selling 187,546 shares and retaining 55,358 shares worth approximately $5.1 million. Institutional investors collectively own 78.19% of the company.
• Universal Display’s latest quarterly results missed expectations: EPS was $0.76 versus the $1.13 consensus, while revenue declined 14.5% year over year to $142.21 million. The stock opened at $79.27, near its one-year low of $77.15.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $130.60. The company also maintains a quarterly dividend of $0.50, equivalent to a 2.5% annualized yield.

Polar Asset Management Partners Inc. reduced its holdings in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 77.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,358 shares of the semiconductor company's stock after selling 187,546 shares during the quarter. Polar Asset Management Partners Inc. owned 0.12% of Universal Display worth $5,074,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Universal Display in the 4th quarter worth $92,756,000. JPMorgan Chase & Co. grew its holdings in Universal Display by 86.4% during the fourth quarter. JPMorgan Chase & Co. now owns 880,678 shares of the semiconductor company's stock valued at $102,846,000 after purchasing an additional 408,315 shares during the period. Analog Century Management LP bought a new position in shares of Universal Display during the 4th quarter worth $46,914,000. UBS Group AG increased its stake in shares of Universal Display by 100.8% in 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 in the last quarter. Finally, XXEC Inc. grew its stake in Universal Display by 489.3% in the 1st quarter. XXEC Inc. now owns 386,937 shares of the semiconductor company's stock valued at $35,467,000 after buying an additional 321,276 shares in the last quarter. Institutional investors own 78.19% of the company's stock.

Universal Display Price Performance

NASDAQ:OLED opened at $79.27 on Monday. The business has a 50 day moving average of $86.42 and a 200 day moving average of $98.50. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 17.69 and a beta of 1.54. Universal Display Corporation has a 1-year low of $77.15 and a 1-year high of $153.38.

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 the consensus estimate of $1.13 by ($0.37). Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The firm had revenue of $142.21 million during the quarter, compared to analysts' expectations of $161.23 million. During the same period in the prior year, the company earned $1.35 EPS. The firm's quarterly revenue was down 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Universal Display Corporation will post 4.23 EPS for the current year.

Universal Display Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.5%. Universal Display's dividend payout ratio is 44.64%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research lowered shares of Universal Display from a "hold" rating to a "strong sell" rating in a report on Tuesday, April 21st. Citigroup decreased their price target 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. Needham & Company LLC lowered their price objective on shares of Universal Display from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Roth Capital set a $168.00 price objective on shares of Universal Display in a report on Friday, May 1st. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Universal Display in a research report on Thursday, June 18th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price 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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