Vest Financial LLC Sells 7,977 Shares of Universal Display Corporation $OLED

Vest Financial LLC cut its stake in Universal Display Corporation (NASDAQ:OLED) by 11.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,769 shares of the semiconductor company’s stock after selling 7,977 shares during the quarter. Vest Financial LLC owned 0.14% of Universal Display worth $4,990,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. XXEC Inc. acquired a new position in Universal Display during the second quarter valued at approximately $2,508,286,000. BlackRock Inc. bought a new stake in Universal Display in the second quarter valued at approximately $373,931,000. Primecap Management Co. CA acquired a new stake in Universal Display in the second quarter worth $190,136,000. Canada Pension Plan Investment Board acquired a new stake in Universal Display in the second quarter worth $31,796,000. Finally, Bank of New York Mellon Corp acquired a new stake in Universal Display in the second quarter worth $27,721,000. 78.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OLED. Citigroup lowered shares of Universal Display from a “neutral” rating to a “sell” rating and decreased their price target for the company from $85.00 to $71.00 in a report on Thursday, October 8th. BTIG Research downgraded Universal Display to a “neutral” rating in a research note on Friday, July 31st. Needham & Company LLC dropped their price objective on Universal Display from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Weiss Ratings lowered Universal Display from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Finally, Zacks Research raised Universal Display from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Universal Display has a consensus rating of “Hold” and an average price target of $114.00.

Universal Display Trading Down 0.5%

OLED opened at $86.98 on Friday. The stock has a market capitalization of $4.00 billion, a P/E ratio of 21.06 and a beta of 1.53. Universal Display Corporation has a 12 month low of $70.77 and a 12 month high of $152.24. The firm’s fifty day simple moving average is $80.52 and its 200 day simple moving average is $85.97.

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

Universal Display Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.50 per share. The ex-dividend date was Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Universal Display’s dividend payout ratio (DPR) is presently 48.43%.

About Universal Display

Universal Display Corporation (NASDAQ: OLED) develops and commercializes technologies and materials used in organic light-emitting diode (OLED) displays and lighting. The company’s portfolio includes phosphorescent OLED (PHOLED) materials, which are designed to improve display efficiency, along with OLED research, development and manufacturing technologies.

Universal Display supplies OLED emitter materials and related products to display manufacturers and licenses its intellectual property and technology.