Universal Display (NASDAQ:OLED) Sets New 12-Month Low – Here’s What Happened

Universal Display Corporation (NASDAQ:OLED)’s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $72.70 and last traded at $73.0420, with a volume of 61499 shares changing hands. The stock had previously closed at $77.22.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. BTIG Research downgraded Universal Display to a “neutral” rating in a report on Friday, July 31st. Needham & Company LLC dropped their price target on shares of Universal Display from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Susquehanna reduced their price target on shares of Universal Display from $110.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Citigroup cut shares of Universal Display from a “neutral” rating to a “sell” rating and set a $71.00 price objective for the company. in a report on Thursday. Finally, Oppenheimer restated an “outperform” rating and set a $120.00 price objective (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, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Universal Display currently has an average rating of “Hold” and a consensus target price of $114.00.

Universal Display Price Performance

The business has a 50-day moving average of $82.45 and a 200 day moving average of $87.04. The company has a market cap of $3.35 billion, a PE ratio of 17.62 and a beta of 1.53.

Universal Display (NASDAQ:OLED) last announced its earnings results on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. Universal Display had a return on equity of 11.35% and a net margin of 32.24%.The business had revenue of $152.16 million for the quarter, compared to analysts’ expectations of $157.54 million. During the same period last year, the firm posted $1.41 earnings per share. The business’s revenue for the quarter was down 11.4% on a year-over-year basis. On average, equities analysts predict that Universal Display Corporation will post 4.17 EPS for the current fiscal year.

Universal Display Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.50 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $2.00 annualized dividend and a yield of 2.7%. Universal Display’s dividend payout ratio (DPR) is presently 48.43%.

Institutional Investors Weigh In On Universal Display

Hedge funds and other institutional investors have recently modified their holdings of the stock. XXEC Inc. bought a new stake in Universal Display during the second quarter valued at about $2,508,286,000. BlackRock Inc. purchased a new position in shares of Universal Display during the 2nd quarter valued at about $373,931,000. Primecap Management Co. CA purchased a new position in shares of Universal Display during the 2nd quarter valued at about $190,136,000. Analog Century Management LP bought a new position in shares of Universal Display during the 4th quarter valued at approximately $46,914,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Universal Display during the 2nd quarter valued at approximately $31,796,000. 78.19% of the stock is currently owned by hedge funds and other institutional investors.

Universal Display Company Profile

Universal Display Corporation develops and commercializes technologies and materials used in organic light-emitting diode (OLED) displays and lighting. The company’s portfolio includes phosphorescent OLED (PHOLED) technologies, which are designed to improve display efficiency, as well as OLED material systems and related technologies.

Universal Display generates revenue primarily through licensing its OLED intellectual property and selling OLED materials, including phosphorescent emitter materials and related products.