Universal Display (NASDAQ:OLED) Shares Gap Up After Better-Than-Expected Earnings

Universal Display Co. (NASDAQ:OLED - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $156.32, but opened at $171.00. Universal Display shares last traded at $165.70, with a volume of 121,402 shares.

The semiconductor company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.14. Universal Display had a net margin of 35.22% and a return on equity of 14.85%. The firm had revenue of $165.26 million for the quarter, compared to analyst estimates of $150.75 million. During the same period in the prior year, the firm earned $0.83 earnings per share. The business's quarterly revenue was up 26.7% compared to the same quarter last year.

Universal Display Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.40 per share. This is a boost from Universal Display's previous quarterly dividend of $0.35. The ex-dividend date was Thursday, March 14th. This represents a $1.60 annualized dividend and a yield of 0.94%. Universal Display's payout ratio is presently 37.74%.

Analysts Set New Price Targets

Several brokerages recently commented on OLED. Oppenheimer reiterated an "outperform" rating and set a $200.00 price target (down from $210.00) on shares of Universal Display in a research note on Friday, February 23rd. Needham & Company LLC restated a "buy" rating and set a $198.00 target price on shares of Universal Display in a research report on Friday. TD Cowen upped their price objective on Universal Display from $165.00 to $210.00 and gave the stock an "outperform" rating in a report on Friday, February 23rd. Finally, Citigroup reaffirmed a "neutral" rating and set a $180.00 target price (up from $161.00) on shares of Universal Display in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $199.86.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OLED. Benjamin F. Edwards & Company Inc. bought a new stake in Universal Display during the fourth quarter worth $25,000. Orion Capital Management LLC acquired a new position in shares of Universal Display during the third quarter worth $31,000. Principal Securities Inc. bought a new stake in shares of Universal Display in the 4th quarter valued at $34,000. Tsfg LLC bought a new position in shares of Universal Display in the 1st quarter worth $34,000. Finally, University of Texas Texas AM Investment Managment Co. bought a new position in Universal Display during the 4th quarter valued at $35,000. 78.19% of the stock is currently owned by institutional investors.

Universal Display Trading Up 9.3 %

The firm has a market capitalization of $8.10 billion, a P/E ratio of 40.29, a P/E/G ratio of 1.66 and a beta of 1.44. The stock's 50-day simple moving average is $163.30 and its 200-day simple moving average is $168.95.

Universal Display Company 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.