Zacks Research Upgrades Universal Display (NASDAQ:OLED) to "Hold"

Key Points

• Zacks Research upgraded Universal Display from “strong sell” to “hold,” while broader analyst sentiment remains “hold,” with three buy, four hold and one sell rating and an average price target of $116.33.
• Universal Display shares opened at $88.92, well below their 52-week high of $153.38. The stock has a market capitalization of approximately $4.09 billion and trades at a price-to-earnings ratio of 21.53.
• The company’s latest quarterly results showed adjusted EPS of $1.06, beating estimates of $1.03, but revenue of $152.16 million missed expectations and declined 11.4% year over year.

Universal Display (NASDAQ:OLED - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other research analysts have also commented on OLED. BTIG Research lowered Universal Display to a "neutral" rating in a research report on Friday, July 31st. The Goldman Sachs Group set a $135.00 price objective on Universal Display in a research report on Tuesday, April 21st. Weiss Ratings lowered Universal Display from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Susquehanna reduced their target price on shares of Universal Display from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Friday, July 31st. Finally, Oppenheimer reissued an "outperform" rating and set a $120.00 price target (down from $130.00) on shares of Universal Display in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $116.33.

Universal Display Stock Performance

NASDAQ OLED opened at $88.92 on Thursday. The firm's 50 day moving average price is $84.74 and its 200-day moving average price is $94.98. Universal Display has a 52-week low of $76.42 and a 52-week high of $153.38. The company has a market cap of $4.09 billion, a PE ratio of 21.53 and a beta of 1.54.

Universal Display (NASDAQ:OLED - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.03. The company had revenue of $152.16 million during the quarter, compared to the consensus estimate of $157.54 million. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. Universal Display's revenue for the quarter was down 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 earnings per share. On average, analysts forecast that Universal Display will post 4.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OLED. XXEC Inc. acquired a new position in Universal Display during the 2nd quarter valued at about $2,508,286,000. BlackRock Inc. purchased a new stake in shares of Universal Display during the second quarter worth about $373,931,000. Primecap Management Co. CA purchased a new stake in shares of Universal Display during the second quarter worth about $190,136,000. State Street Corp increased its holdings in shares of Universal Display by 4.3% during the fourth quarter. State Street Corp now owns 1,694,779 shares of the semiconductor company's stock valued at $197,916,000 after acquiring an additional 69,163 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Universal Display by 25.0% during the fourth quarter. Geode Capital Management LLC now owns 1,109,077 shares of the semiconductor company's stock valued at $129,537,000 after acquiring an additional 222,108 shares in the last quarter. 78.19% of the stock is currently owned by hedge funds and other institutional investors.

Universal Display Company Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source