Truist Financial Corp Has $8.74 Million Stock Holdings in Universal Display Corporation $OLED

Key Points

• Truist Financial increased its stake in Universal Display by 18.4% in the fourth quarter, owning 74,874 shares worth about $8.74 million at quarter-end.
• Universal Display’s latest earnings missed analyst expectations, with quarterly EPS of $0.76 versus $1.13 expected and revenue of $142.21 million versus $161.23 million forecast, while revenue fell 14.5% year over year.
• Analysts remain cautious overall, with a consensus rating of Hold and an average price target of $130.60, even as the company announced a quarterly dividend of $0.50 per share.

Truist Financial Corp raised its stake in Universal Display Corporation (NASDAQ:OLED - Free Report) by 18.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,874 shares of the semiconductor company's stock after acquiring an additional 11,612 shares during the period. Truist Financial Corp owned approximately 0.16% of Universal Display worth $8,744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Hussman Strategic Advisors Inc. acquired a new position in Universal Display in the 4th quarter valued at $1,962,000. Benjamin Edwards Inc. raised its holdings in Universal Display by 11.2% in the 4th quarter. Benjamin Edwards Inc. now owns 1,840 shares of the semiconductor company's stock valued at $215,000 after acquiring an additional 186 shares in the last quarter. Horizon Investments LLC acquired a new position in Universal Display in the 4th quarter valued at $620,000. Danske Bank A S raised its holdings in Universal Display by 166.6% in the 4th quarter. Danske Bank A S now owns 20,382 shares of the semiconductor company's stock valued at $2,380,000 after acquiring an additional 12,737 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Universal Display by 5.0% in the 4th quarter. Oppenheimer & Co. Inc. now owns 47,919 shares of the semiconductor company's stock valued at $5,596,000 after acquiring an additional 2,282 shares in the last quarter. 78.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OLED shares. Citigroup dropped their price objective on Universal Display from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, May 4th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Universal Display in a report on Monday, March 23rd. The Goldman Sachs Group set a $135.00 price target on Universal Display in a research note on Tuesday, April 21st. Needham & Company LLC lowered their price target on Universal Display from $145.00 to $120.00 and set a "buy" rating for the company in a report on Friday, May 1st. Finally, Roth Mkm set a $168.00 price target on Universal Display in a report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Universal Display currently has a consensus rating of "Hold" and an average price target of $130.60.

Universal Display Stock Performance

Universal Display stock opened at $91.75 on Friday. Universal Display Corporation has a 52 week low of $83.64 and a 52 week high of $163.21. The stock has a market capitalization of $4.29 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 8.23 and a beta of 1.54. The stock has a fifty day moving average of $96.27 and a 200-day moving average of $113.66.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share for the quarter, missing analysts' consensus estimates of $1.13 by ($0.37). The firm had revenue of $142.21 million for the quarter, compared to the consensus estimate of $161.23 million. Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The company's revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.35 EPS. On average, research analysts forecast that Universal Display Corporation will post 4.4 earnings per share for the current year.

Universal Display Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. Universal Display's payout ratio is currently 44.64%.

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.

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.