Universal Display Co. (NASDAQ:OLED) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in Universal Display Co. (NASDAQ:OLED) by 31.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,730 shares of the semiconductor company’s stock after selling 3,551 shares during the period. PNC Financial Services Group Inc.’s holdings in Universal Display were worth $1,623,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of OLED. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Universal Display in the second quarter valued at about $127,668,000. Raymond James & Associates raised its position in shares of Universal Display by 629.9% in the third quarter. Raymond James & Associates now owns 269,414 shares of the semiconductor company’s stock valued at $56,550,000 after buying an additional 232,503 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Universal Display by 66.6% in the first quarter. Janus Henderson Group PLC now owns 434,029 shares of the semiconductor company’s stock valued at $73,099,000 after buying an additional 173,496 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Universal Display in the second quarter valued at about $34,558,000. Finally, Strategic Financial Concepts LLC acquired a new stake in Universal Display during the second quarter worth about $23,500,000. 78.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Lawrence Lacerte purchased 742 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average price of $180.89 per share, for a total transaction of $134,220.38. Following the completion of the purchase, the director now directly owns 122,372 shares of the company’s stock, valued at $22,135,871.08. The trade was a 0.61 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

Universal Display Price Performance

Shares of OLED stock opened at $161.80 on Wednesday. The firm has a market cap of $7.68 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.80 and a beta of 1.43. The company has a 50-day moving average of $194.63 and a two-hundred day moving average of $195.75. Universal Display Co. has a 1-year low of $148.75 and a 1-year high of $237.00.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.19 by $0.21. Universal Display had a net margin of 36.98% and a return on equity of 15.75%. The business had revenue of $161.63 million during the quarter, compared to analyst estimates of $165.28 million. During the same quarter last year, the firm posted $1.08 earnings per share. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. Sell-side analysts anticipate that Universal Display Co. will post 4.8 EPS for the current fiscal year.

Universal Display Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Tuesday, December 17th. Universal Display’s payout ratio is 32.13%.

Wall Street Analysts Forecast Growth

OLED has been the subject of several recent analyst reports. Susquehanna raised their price objective on shares of Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. TD Cowen cut their price objective on shares of Universal Display from $250.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Roth Mkm raised their price objective on shares of Universal Display from $189.00 to $217.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Needham & Company LLC cut their price objective on shares of Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Oppenheimer cut their price objective on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $215.63.

Universal Display 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.