Van ECK Associates Corp Increases Holdings in Universal Display Corporation $OLED

Van ECK Associates Corp increased its position in shares of Universal Display Corporation (NASDAQ:OLED) by 5.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 497,147 shares of the semiconductor company’s stock after purchasing an additional 24,598 shares during the quarter. Van ECK Associates Corp’s holdings in Universal Display were worth $71,406,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Peregrine Investment Management Inc. raised its position in shares of Universal Display by 24.7% in the third quarter. Peregrine Investment Management Inc. now owns 50,560 shares of the semiconductor company’s stock worth $7,262,000 after acquiring an additional 10,000 shares during the period. Truist Financial Corp grew its position in shares of Universal Display by 54.7% during the 3rd quarter. Truist Financial Corp now owns 63,262 shares of the semiconductor company’s stock valued at $9,086,000 after acquiring an additional 22,380 shares during the period. Baker Avenue Asset Management LP purchased a new position in shares of Universal Display in the 2nd quarter valued at about $1,398,000. Creative Planning increased its stake in shares of Universal Display by 12.7% in the 2nd quarter. Creative Planning now owns 19,847 shares of the semiconductor company’s stock valued at $3,066,000 after purchasing an additional 2,239 shares in the last quarter. Finally, AI Squared Management Ltd acquired a new position in Universal Display in the 3rd quarter worth about $5,515,000. Institutional investors and hedge funds own 78.19% of the company’s stock.

Analysts Set New Price Targets

OLED has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price target on Universal Display from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of Universal Display in a research note on Wednesday, December 24th. Wall Street Zen raised shares of Universal Display from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Zacks Research cut shares of Universal Display from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $180.00 price objective on shares of Universal Display in a report on Friday, February 20th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $151.67.

Universal Display Price Performance

Shares of Universal Display stock opened at $96.65 on Wednesday. The business has a 50 day simple moving average of $116.10 and a two-hundred day simple moving average of $127.09. Universal Display Corporation has a 12 month low of $93.50 and a 12 month high of $163.21. The stock has a market capitalization of $4.55 billion, a P/E ratio of 19.06, a PEG ratio of 7.59 and a beta of 1.65.

Universal Display (NASDAQ:OLED) last issued its quarterly earnings results on Thursday, February 19th. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.11. Universal Display had a return on equity of 14.07% and a net margin of 37.21%.The firm had revenue of $172.93 million for the quarter, compared to analyst estimates of $173.35 million. During the same period in the previous year, the company posted $1.22 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. As a group, research analysts anticipate that Universal Display Corporation will post 4.71 EPS for the current fiscal year.

Universal Display Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.50 per share. This is a boost from Universal Display’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $2.00 annualized dividend and a yield of 2.1%. Universal Display’s dividend payout ratio is presently 35.50%.

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.