Fred Alger Management LLC Sells 2,376 Shares of Universal Display Co. (NASDAQ:OLED)

Fred Alger Management LLC decreased its stake in Universal Display Co. (NASDAQ:OLED) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,124 shares of the semiconductor company’s stock after selling 2,376 shares during the period. Fred Alger Management LLC owned 0.08% of Universal Display worth $8,436,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Universal Display by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 4,567,374 shares of the semiconductor company’s stock worth $769,374,000 after purchasing an additional 50,233 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Universal Display by 0.4% in the second quarter. Primecap Management Co. CA now owns 1,895,017 shares of the semiconductor company’s stock valued at $398,427,000 after buying an additional 7,435 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Universal Display during the 2nd quarter valued at $127,668,000. Dimensional Fund Advisors LP lifted its position in shares of Universal Display by 27.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 469,570 shares of the semiconductor company’s stock valued at $98,725,000 after buying an additional 100,809 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Universal Display by 20.7% during the 4th quarter. First Trust Advisors LP now owns 449,628 shares of the semiconductor company’s stock worth $85,996,000 after acquiring an additional 76,967 shares during the period. Institutional investors own 78.19% of the company’s stock.

Universal Display Trading Down 3.3 %

OLED opened at $207.31 on Thursday. Universal Display Co. has a 12 month low of $133.67 and a 12 month high of $237.00. The business’s 50-day moving average price is $197.46 and its 200-day moving average price is $186.58. The company has a market cap of $9.84 billion, a P/E ratio of 45.07, a P/E/G ratio of 2.27 and a beta of 1.41.

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

Universal Display Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.60 annualized dividend and a yield of 0.77%. Universal Display’s payout ratio is currently 34.78%.

Analyst Ratings Changes

Several research firms have commented on OLED. The Goldman Sachs Group upped their price objective on shares of Universal Display from $208.00 to $243.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Roth Mkm raised their price objective on shares of Universal Display from $189.00 to $217.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Needham & Company LLC boosted their target price on shares of Universal Display from $198.00 to $242.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. TD Cowen raised their price target on Universal Display from $210.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Susquehanna increased their price objective on Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Universal Display has a consensus rating of “Moderate Buy” and a consensus price target of $225.88.

Universal Display Company Profile

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.