Kayne Anderson Rudnick Investment Management LLC Invests $127.67 Million in Universal Display Co. (NASDAQ:OLED)

Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Universal Display Co. (NASDAQ:OLED) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 607,220 shares of the semiconductor company’s stock, valued at approximately $127,668,000. Kayne Anderson Rudnick Investment Management LLC owned 1.28% of Universal Display as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Peapack Gladstone Financial Corp boosted its stake in shares of Universal Display by 1.8% during the 4th quarter. Peapack Gladstone Financial Corp now owns 3,367 shares of the semiconductor company’s stock worth $643,000 after acquiring an additional 60 shares during the period. Red Spruce Capital LLC lifted its holdings in Universal Display by 0.7% during the 2nd quarter. Red Spruce Capital LLC now owns 11,146 shares of the semiconductor company’s stock valued at $2,343,000 after purchasing an additional 76 shares during the last quarter. 1492 Capital Management LLC boosted its position in Universal Display by 0.8% during the fourth quarter. 1492 Capital Management LLC now owns 9,543 shares of the semiconductor company’s stock worth $1,825,000 after purchasing an additional 79 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Universal Display by 7.6% in the second quarter. CIBC Asset Management Inc now owns 1,351 shares of the semiconductor company’s stock valued at $284,000 after purchasing an additional 96 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its holdings in shares of Universal Display by 0.5% in the first quarter. Bahl & Gaynor Inc. now owns 18,645 shares of the semiconductor company’s stock valued at $3,141,000 after purchasing an additional 101 shares during the last quarter. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Performance

Universal Display stock opened at $211.44 on Friday. The firm has a 50 day moving average price of $198.60 and a two-hundred day moving average price of $185.61. Universal Display Co. has a 52-week low of $133.67 and a 52-week high of $237.00. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 45.97, a PEG ratio of 2.17 and a beta of 1.41.

Universal Display (NASDAQ:OLED) last released its earnings results on Thursday, August 1st. The semiconductor company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.04). Universal Display had a net margin of 35.74% and a return on equity of 15.25%. The firm had revenue of $158.50 million during the quarter, compared to analyst estimates of $159.46 million. During the same quarter in the previous year, the firm earned $1.04 EPS. Universal Display’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, equities research analysts predict that Universal Display Co. will post 4.81 EPS for the current fiscal year.

Universal Display Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, September 16th. This represents a $1.60 annualized dividend and a yield of 0.76%. Universal Display’s dividend payout ratio is currently 34.78%.

Analysts Set New Price Targets

Several analysts recently commented on OLED shares. Oppenheimer lifted their target price on shares of Universal Display from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, July 3rd. TD Cowen upped their target price on Universal Display from $210.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. The Goldman Sachs Group boosted their target price on shares of Universal Display from $208.00 to $243.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Roth Mkm increased their price target on Universal Display from $189.00 to $217.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Susquehanna boosted their price objective on Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $225.88.

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.