Citigroup Cuts Universal Display (NASDAQ:OLED) Price Target to $85.00

Universal Display (NASDAQ:OLED) had its price target trimmed by Citigroup from $100.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently weighed in on OLED. Zacks Research cut Universal Display from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 21st. Roth Capital set a $168.00 price objective on shares of Universal Display in a research report on Friday, May 1st. Susquehanna decreased their price objective on shares of Universal Display from $110.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Needham & Company LLC dropped their price objective on shares of Universal Display from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Finally, BTIG Research cut shares of Universal Display to a “neutral” rating in a research note on Friday, July 31st. Three equities 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 company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $116.33.

Universal Display Stock Performance

Universal Display stock opened at $85.93 on Monday. The stock has a 50-day simple moving average of $84.89 and a 200 day simple moving average of $96.15. The stock has a market capitalization of $3.95 billion, a P/E ratio of 20.81 and a beta of 1.54. Universal Display has a 52 week low of $76.42 and a 52 week high of $153.38.

Universal Display (NASDAQ:OLED) last released its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Universal Display had a return on equity of 11.35% and a net margin of 32.24%.The firm had revenue of $152.16 million for the quarter, compared to analyst estimates of $157.54 million. During the same quarter in the prior year, the company earned $1.41 earnings per share. The business’s revenue for the quarter was down 11.4% compared to the same quarter last year. Research analysts forecast that Universal Display will post 4.18 earnings per share for the current year.

Universal Display Announces Dividend

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

Institutional Trading of Universal Display

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in Universal Display by 2.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 34,952 shares of the semiconductor company’s stock worth $3,026,000 after buying an additional 784 shares during the period. Red Spruce Capital LLC increased its position in Universal Display by 119.8% during the second quarter. Red Spruce Capital LLC now owns 24,968 shares of the semiconductor company’s stock worth $2,162,000 after acquiring an additional 13,610 shares during the period. Byrne Asset Management LLC bought a new position in Universal Display during the second quarter worth about $329,000. Vestor Capital LLC raised its stake in Universal Display by 968.4% in the 1st quarter. Vestor Capital LLC now owns 3,045 shares of the semiconductor company’s stock worth $279,000 after purchasing an additional 2,760 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Universal Display by 3.2% during the 1st quarter. Bank of America Corp DE now owns 124,570 shares of the semiconductor company’s stock worth $11,418,000 after purchasing an additional 3,872 shares in the last quarter. 78.19% of the stock is currently owned by institutional investors.

Universal Display Company 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.