Royal Bank of Canada Has $13.61 Million Position in Universal Display Corporation $OLED

Key Points

• Royal Bank of Canada reduced its Universal Display stake by 7.2% in the first quarter, selling 11,526 shares and retaining 148,442 shares valued at $13.61 million. Institutional investors collectively own 78.19% of the company.
• Universal Display beat quarterly EPS expectations with $1.06 per share versus $1.03 forecast, but revenue fell 11.4% year over year to $152.16 million, below estimates. The stock was recently up 4.5% and traded at $91.19.
• The company declared a quarterly dividend of $0.50 per share, implying a $2.00 annual payout and a 2.2% yield. Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $116.33.

Royal Bank of Canada cut its stake in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,442 shares of the semiconductor company's stock after selling 11,526 shares during the quarter. Royal Bank of Canada owned approximately 0.32% of Universal Display worth $13,607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp boosted its position in shares of Universal Display by 4.3% during the 4th quarter. State Street Corp now owns 1,694,779 shares of the semiconductor company's stock worth $197,916,000 after purchasing an additional 69,163 shares in the last quarter. Geode Capital Management LLC raised its position in Universal Display by 25.0% in the 4th quarter. Geode Capital Management LLC now owns 1,109,077 shares of the semiconductor company's stock valued at $129,537,000 after buying an additional 222,108 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Universal Display by 21.1% in the first quarter. First Trust Advisors LP now owns 976,423 shares of the semiconductor company's stock valued at $89,499,000 after purchasing an additional 169,969 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Universal Display by 86.4% during the 4th quarter. JPMorgan Chase & Co. now owns 880,678 shares of the semiconductor company's stock worth $102,846,000 after buying an additional 408,315 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Universal Display in the fourth quarter valued at approximately $92,756,000. 78.19% of the stock is owned by institutional investors.

Universal Display Stock Up 4.5%

OLED opened at $91.19 on Friday. The firm has a 50-day moving average price of $84.74 and a 200-day moving average price of $95.91. Universal Display Corporation has a twelve month low of $76.42 and a twelve month high of $153.38. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 22.08 and a beta of 1.54.

Universal Display (NASDAQ:OLED - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.03. The company had revenue of $152.16 million for the quarter, compared to analysts' expectations of $157.54 million. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. Universal Display's revenue was down 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.41 EPS. On average, sell-side analysts expect that Universal Display Corporation will post 4.18 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 Wednesday, September 30th. Shareholders 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 2.2%. Universal Display's dividend payout ratio is currently 48.43%.

Analyst Ratings Changes

OLED has been the topic of several research analyst reports. The Goldman Sachs Group set a $135.00 price objective on Universal Display in a research report on Tuesday, April 21st. Zacks Research lowered shares of Universal Display from a "hold" rating to a "strong sell" rating in a research report on Tuesday, April 21st. Oppenheimer restated an "outperform" rating and set a $120.00 price objective (down from $130.00) on shares of Universal Display in a report on Friday, July 31st. Needham & Company LLC lowered their price objective on shares of Universal Display from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Finally, Weiss Ratings downgraded shares of Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $116.33.

About Universal Display

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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