Victory Capital Management Inc. Reduces Stake in Universal Display Co. (NASDAQ:OLED)

Victory Capital Management Inc. lowered its stake in shares of Universal Display Co. (NASDAQ:OLED) by 7.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,462 shares of the semiconductor company’s stock after selling 639 shares during the period. Victory Capital Management Inc.’s holdings in Universal Display were worth $1,776,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OLED. Tidal Investments LLC lifted its position in shares of Universal Display by 172.0% during the 1st quarter. Tidal Investments LLC now owns 6,246 shares of the semiconductor company’s stock valued at $1,052,000 after buying an additional 3,950 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Universal Display by 375.1% during the second quarter. Harbor Capital Advisors Inc. now owns 10,043 shares of the semiconductor company’s stock valued at $2,112,000 after purchasing an additional 7,929 shares during the last quarter. Montanaro Asset Management Ltd boosted its position in Universal Display by 217.4% during the third quarter. Montanaro Asset Management Ltd now owns 63,260 shares of the semiconductor company’s stock worth $13,278,000 after purchasing an additional 43,330 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Universal Display in the first quarter worth about $620,000. Finally, ProShare Advisors LLC raised its holdings in Universal Display by 117.2% during the 2nd quarter. ProShare Advisors LLC now owns 18,762 shares of the semiconductor company’s stock valued at $3,945,000 after acquiring an additional 10,122 shares during the period. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Performance

Shares of NASDAQ:OLED opened at $168.41 on Monday. The firm has a market capitalization of $7.99 billion, a P/E ratio of 33.82, a P/E/G ratio of 1.80 and a beta of 1.43. The stock has a 50 day moving average price of $195.31 and a 200-day moving average price of $195.78. Universal Display Co. has a 52-week low of $148.75 and a 52-week high of $237.00.

Universal Display (NASDAQ:OLED) last announced its earnings results on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.21. Universal Display had a net margin of 36.98% and a return on equity of 15.75%. The firm had revenue of $161.63 million for the quarter, compared to analysts’ expectations of $165.28 million. During the same quarter in the previous year, the business posted $1.08 EPS. The company’s quarterly revenue was up 14.6% on a year-over-year basis. On average, equities analysts forecast that Universal Display Co. will post 4.8 EPS for the current fiscal year.

Universal Display Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Tuesday, December 17th. Universal Display’s payout ratio is 32.13%.

Analyst Upgrades and Downgrades

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

Insider Activity at Universal Display

In other Universal Display news, Director Lawrence Lacerte acquired 742 shares of the stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $180.89 per share, for a total transaction of $134,220.38. Following the purchase, the director now directly owns 122,372 shares of the company’s stock, valued at approximately $22,135,871.08. This trade represents a 0.61 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.90% of the stock is owned by insiders.

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.