Kornitzer Capital Management Inc. KS Sells 13,000 Shares of Universal Display Co. (NASDAQ:OLED)

Kornitzer Capital Management Inc. KS lowered its position in Universal Display Co. (NASDAQ:OLED - Free Report) by 10.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 113,637 shares of the semiconductor company's stock after selling 13,000 shares during the period. Kornitzer Capital Management Inc. KS owned 0.24% of Universal Display worth $21,734,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OLED. Vanguard Group Inc. increased its stake in shares of Universal Display by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 4,511,145 shares of the semiconductor company's stock valued at $708,205,000 after acquiring an additional 23,944 shares in the last quarter. BlackRock Inc. increased its stake in shares of Universal Display by 2.8% in the 1st quarter. BlackRock Inc. now owns 4,309,400 shares of the semiconductor company's stock valued at $719,455,000 after acquiring an additional 117,055 shares in the last quarter. State Street Corp increased its stake in shares of Universal Display by 1.2% in the 2nd quarter. State Street Corp now owns 1,521,726 shares of the semiconductor company's stock valued at $219,326,000 after acquiring an additional 18,071 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Universal Display by 7.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,435,162 shares of the semiconductor company's stock valued at $206,850,000 after acquiring an additional 94,570 shares in the last quarter. Finally, FMR LLC increased its stake in shares of Universal Display by 10.6% in the 3rd quarter. FMR LLC now owns 1,398,961 shares of the semiconductor company's stock valued at $219,623,000 after acquiring an additional 134,000 shares in the last quarter. Institutional investors and hedge funds own 78.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on OLED. Citigroup restated a "neutral" rating and set a $180.00 price target (up previously from $161.00) on shares of Universal Display in a research note on Friday, January 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $198.00 price objective on shares of Universal Display in a report on Tuesday, March 26th. TD Cowen lifted their price objective on shares of Universal Display from $165.00 to $210.00 and gave the stock an "outperform" rating in a report on Friday, February 23rd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $200.00 price objective (down from $210.00) on shares of Universal Display in a report on Friday, February 23rd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $199.86.

Universal Display Trading Down 2.1 %

Shares of NASDAQ:OLED traded down $3.15 during midday trading on Friday, reaching $149.81. The company had a trading volume of 269,736 shares, compared to its average volume of 217,630. The company's 50 day moving average price is $168.17 and its 200 day moving average price is $169.33. The stock has a market cap of $7.10 billion, a P/E ratio of 35.33, a P/E/G ratio of 1.63 and a beta of 1.45. Universal Display Co. has a 52-week low of $125.98 and a 52-week high of $194.84.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The semiconductor company reported $1.29 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.11. The company had revenue of $158.32 million for the quarter, compared to the consensus estimate of $161.08 million. Universal Display had a net margin of 35.22% and a return on equity of 14.85%. The firm's quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.36 EPS. Research analysts forecast that Universal Display Co. will post 4.72 EPS for the current fiscal year.

Universal Display Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.40 per share. The ex-dividend date was Thursday, March 14th. This is an increase from Universal Display's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.07%. Universal Display's dividend payout ratio is 37.74%.

About Universal Display

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.