Mackenzie Financial Corp Cuts Stock Holdings in Universal Display Corporation (NASDAQ:OLED)

Key Points

• Mackenzie Financial Corp reduced its holdings in Universal Display Corporation by 50.9% in the first quarter, now owning 12,684 shares worth approximately $1.77 million.
• Universal Display Corporation reported earnings of $1.41 per share for the latest quarter, beating analysts' expectations by $0.23 and demonstrating an 8.4% increase in revenue year-over-year.
• The company has announced a quarterly dividend of $0.45, with an annual yield of 1.3%, set to be paid to shareholders of record on September 16th.

Mackenzie Financial Corp decreased its position in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 50.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 12,684 shares of the semiconductor company's stock after selling 13,166 shares during the period. Mackenzie Financial Corp's holdings in Universal Display were worth $1,769,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brown Advisory Inc. purchased a new stake in Universal Display during the 1st quarter worth about $72,327,000. Raymond James Financial Inc. bought a new stake in shares of Universal Display in the 4th quarter worth about $41,504,000. Point72 Asset Management L.P. acquired a new position in Universal Display during the 4th quarter valued at about $38,981,000. Janus Henderson Group PLC increased its position in shares of Universal Display by 41.5% in the fourth quarter. Janus Henderson Group PLC now owns 551,673 shares of the semiconductor company's stock worth $80,674,000 after acquiring an additional 161,782 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Universal Display during the 4th quarter valued at about $20,952,000. 78.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on OLED shares. Needham & Company LLC restated a "buy" rating and set a $170.00 target price on shares of Universal Display in a research report on Friday, May 2nd. Wall Street Zen upgraded Universal Display from a "sell" rating to a "hold" rating in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Universal Display currently has a consensus rating of "Moderate Buy" and a consensus price target of $190.43.

Universal Display Stock Performance

Shares of NASDAQ:OLED traded down $0.76 during trading on Thursday, reaching $138.23. The company had a trading volume of 232,151 shares, compared to its average volume of 666,090. Universal Display Corporation has a twelve month low of $103.70 and a twelve month high of $215.90. The firm has a market capitalization of $6.57 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 1.50 and a beta of 1.47. The firm's fifty day moving average is $152.23 and its 200 day moving average is $144.99.

Universal Display (NASDAQ:OLED - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The semiconductor company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.23. The company had revenue of $171.79 million during the quarter, compared to analysts' expectations of $161.58 million. Universal Display had a net margin of 36.95% and a return on equity of 15.82%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.10 earnings per share. Equities analysts predict that Universal Display Corporation will post 4.71 earnings per share for the current fiscal year.

Universal Display Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Universal Display's payout ratio is 35.16%.

Universal Display Profile

Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications in the United States and internationally. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.