Universal Display Corporation $OLED Stock Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Universal Display stake by 98.1% in the third quarter, selling 61,656 shares and retaining 1,221 shares worth approximately $94,000. Institutional investors collectively own 78.19% of the company.
• Universal Display reported quarterly EPS of $1.23, beating estimates of $1.13, while revenue rose 14.9% year over year to $160.43 million. The company also declared a quarterly dividend of $0.50 per share, representing a 2.2% yield.
• Analyst sentiment remains mixed, with three Buy, three Hold, and two Sell ratings; the consensus rating is Hold with a $114 price target. Shares opened at $89.84 after recently trading up 7.1%.

Sterling Capital Management LLC cut its position in shares of Universal Display Corporation (NASDAQ:OLED - Free Report) by 98.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,221 shares of the semiconductor company's stock after selling 61,656 shares during the quarter. Sterling Capital Management LLC's holdings in Universal Display were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. XXEC Inc. bought a new stake in Universal Display in the second quarter worth $2,508,286,000. BlackRock Inc. bought a new position in Universal Display in the 2nd quarter worth about $373,931,000. Primecap Management Co. CA purchased a new stake in Universal Display during the 2nd quarter valued at about $190,136,000. Canada Pension Plan Investment Board purchased a new stake in Universal Display during the 2nd quarter valued at about $31,796,000. Finally, Bank of New York Mellon Corp purchased a new stake in Universal Display during the 2nd quarter valued at about $27,721,000. Institutional investors own 78.19% of the company's stock.

Universal Display Trading Up 7.1%

Shares of OLED opened at $89.84 on Tuesday. Universal Display Corporation has a twelve month low of $70.77 and a twelve month high of $150.04. The company has a market cap of $4.13 billion, a P/E ratio of 18.22 and a beta of 1.53. The company's fifty day simple moving average is $80.83 and its 200-day simple moving average is $92.03.

Universal Display (NASDAQ:OLED - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The semiconductor company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.10. Universal Display had a net margin of 36.74% and a return on equity of 12.11%. The firm had revenue of $160.43 million during the quarter, compared to analysts' expectations of $162.72 million. During the same period in the previous year, the company earned $0.92 EPS. The firm's revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts predict that Universal Display Corporation will post 4.40 earnings per share for the current fiscal year.

Universal Display Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, December 17th. Universal Display's dividend payout ratio is presently 40.57%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on OLED shares. Citigroup cut shares of Universal Display from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Thursday, October 8th. BTIG Research cut shares of Universal Display to a "neutral" rating in a research note on Friday, July 31st. Susquehanna upped their target price on shares of Universal Display from $90.00 to $95.00 and gave the company a "neutral" rating in a research report on Thursday. Oppenheimer dropped their price target on Universal Display from $120.00 to $115.00 and set an "outperform" rating for the company in a research report on Thursday, October 29th. Finally, Needham & Company LLC dropped their price target on Universal Display from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $114.00.

Universal Display Company Profile

Universal Display Corporation NASDAQ: OLED develops and commercializes technologies and materials used in organic light-emitting diode (OLED) displays and lighting. The company's portfolio includes phosphorescent OLED (PHOLED) materials, which are designed to improve display efficiency, along with OLED research, development and manufacturing technologies.

Universal Display supplies OLED emitter materials and related products to display manufacturers and licenses its intellectual property and technology.

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