Squarepoint Ops LLC Sells 25,451 Shares of Universal Display Corporation $OLED

Key Points

• Squarepoint Ops LLC cut its Universal Display stake by 51.9% in the second quarter, selling 25,451 shares and retaining 23,552 shares worth approximately $2.04 million. Institutional investors collectively own 78.19% of the company.
• Universal Display shares fell 8.3% to $76.62, near their 12-month low, after quarterly revenue declined 11.4% year over year to $152.16 million. Earnings of $1.06 per share slightly exceeded analyst estimates.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $116.33. The company also declared a quarterly dividend of $0.50 per share, implying a 2.6% annualized yield.

Squarepoint Ops LLC lowered its stake in Universal Display Corporation (NASDAQ:OLED - Free Report) by 51.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,552 shares of the semiconductor company's stock after selling 25,451 shares during the quarter. Squarepoint Ops LLC owned about 0.05% of Universal Display worth $2,039,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OLED. XXEC Inc. bought a new stake in shares of Universal Display in the second quarter worth about $2,508,286,000. California State Teachers Retirement System boosted its stake in Universal Display by 8,176.2% during the second quarter. California State Teachers Retirement System now owns 4,339,198 shares of the semiconductor company's stock valued at $375,731,000 after buying an additional 4,286,768 shares during the last quarter. BlackRock Inc. bought a new position in Universal Display during the second quarter valued at approximately $373,931,000. Primecap Management Co. CA purchased a new position in Universal Display during the 2nd quarter valued at approximately $190,136,000. Finally, Geode Capital Management LLC grew its holdings in Universal Display by 25.0% during 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 in the last quarter. Institutional investors own 78.19% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Citigroup reduced their price objective on Universal Display from $100.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, August 3rd. Oppenheimer reiterated an "outperform" rating and set a $120.00 target price (down from $130.00) on shares of Universal Display in a research report on Friday, July 31st. Weiss Ratings lowered shares of Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Susquehanna reduced their price target on shares of Universal Display from $110.00 to $90.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. Finally, Needham & Company LLC decreased their price target on shares of Universal Display from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $116.33.

Universal Display Trading Down 8.3%

Shares of NASDAQ:OLED opened at $76.62 on Tuesday. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 18.55 and a beta of 1.56. Universal Display Corporation has a 12 month low of $75.89 and a 12 month high of $153.38. The company has a 50-day moving average price of $83.42 and a 200 day moving average price of $89.69.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Universal Display had a return on equity of 11.35% and a net margin of 32.24%.The company had revenue of $152.16 million for the quarter, compared to analysts' expectations of $157.54 million. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm's revenue for the quarter was down 11.4% on a year-over-year basis. As a group, equities analysts forecast that Universal Display Corporation will post 4.17 EPS for the current year.

Universal Display Dividend Announcement

The business also recently announced 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 of this dividend is Wednesday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 2.6%. Universal Display's payout ratio is currently 48.43%.

About Universal Display

Universal Display Corporation NASDAQ: OLED develops and commercializes organic light-emitting diode (OLED) technologies and materials. The company's business is centered on high-efficiency phosphorescent OLED (PHOLED) technology, which is designed to improve the performance and energy efficiency of OLED displays and lighting products.

Universal Display supplies OLED emitter materials and other related products to manufacturers and provides technology licenses, technical assistance and support under agreements covering its intellectual property.

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