NewEdge Wealth LLC Cuts Holdings in Universal Display Corporation $OLED

NewEdge Wealth LLC trimmed its holdings in shares of Universal Display Corporation (NASDAQ:OLED) by 27.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,766 shares of the semiconductor company’s stock after selling 9,217 shares during the period. NewEdge Wealth LLC owned approximately 0.05% of Universal Display worth $2,892,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its stake in shares of Universal Display by 309.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 209 shares of the semiconductor company’s stock worth $30,000 after buying an additional 158 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of Universal Display in the 3rd quarter worth $33,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Universal Display in the 3rd quarter worth $37,000. Jones Financial Companies Lllp boosted its stake in shares of Universal Display by 104.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 388 shares of the semiconductor company’s stock worth $58,000 after buying an additional 198 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Universal Display in the 2nd quarter worth $62,000. 78.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OLED has been the topic of a number of research reports. Roth Mkm set a $168.00 price target on Universal Display in a research note on Friday, May 1st. Oppenheimer dropped their price target on shares of Universal Display from $160.00 to $130.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. The Goldman Sachs Group set a $135.00 price objective on shares of Universal Display in a research report on Tuesday, April 21st. Zacks Research downgraded shares of Universal Display from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Universal Display in a research report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Universal Display has an average rating of “Hold” and a consensus target price of $130.60.

Universal Display Stock Up 1.5%

NASDAQ:OLED opened at $92.19 on Wednesday. The business’s 50-day simple moving average is $95.37 and its two-hundred day simple moving average is $112.44. The stock has a market cap of $4.31 billion, a PE ratio of 20.58 and a beta of 1.54. Universal Display Corporation has a 52 week low of $83.64 and a 52 week high of $163.21.

Universal Display (NASDAQ:OLED) last issued its earnings results on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.37). Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The firm had revenue of $142.21 million during the quarter, compared to the consensus estimate of $161.23 million. During the same period last year, the firm posted $1.35 earnings per share. The company’s revenue for the quarter was down 14.5% compared to the same quarter last year. Sell-side analysts anticipate that Universal Display Corporation will post 4.4 earnings per share for the current fiscal year.

Universal Display Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, June 16th. Universal Display’s payout ratio is 44.64%.

Universal Display 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.