Universal Display (NASDAQ:OLED) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

Shares of Universal Display Co. (NASDAQ:OLED) saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 232,326 shares traded hands during mid-day trading, a decline of 36% from the previous session’s volume of 362,821 shares.The stock last traded at $183.12 and had previously closed at $203.16.

The semiconductor company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.20. Universal Display had a return on equity of 16.01% and a net margin of 36.98%. The business had revenue of $161.63 million for the quarter, compared to analysts’ expectations of $165.28 million. During the same period last year, the business earned $1.08 EPS. The business’s revenue was up 14.6% on a year-over-year basis.

Universal Display Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Tuesday, December 17th. Universal Display’s payout ratio is 32.13%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on OLED. Susquehanna boosted their target price on Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. TD Cowen cut their price objective on Universal Display from $250.00 to $225.00 and set a “buy” rating on the stock in a research report on Thursday. Needham & Company LLC decreased their target price on Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a research report on Thursday. Oppenheimer cut their price target on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group raised their price objective on shares of Universal Display from $208.00 to $243.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.63.

Hedge Funds Weigh In On Universal Display

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SageView Advisory Group LLC bought a new position in Universal Display in the 1st quarter worth approximately $1,179,000. Montag A & Associates Inc. boosted its holdings in shares of Universal Display by 28.9% in the first quarter. Montag A & Associates Inc. now owns 11,848 shares of the semiconductor company’s stock worth $1,996,000 after acquiring an additional 2,655 shares during the period. Tidal Investments LLC grew its position in shares of Universal Display by 172.0% in the first quarter. Tidal Investments LLC now owns 6,246 shares of the semiconductor company’s stock valued at $1,052,000 after purchasing an additional 3,950 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Universal Display during the 1st quarter valued at $1,001,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in Universal Display by 375.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,043 shares of the semiconductor company’s stock worth $2,112,000 after purchasing an additional 7,929 shares in the last quarter. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Performance

The firm has a market cap of $8.55 billion, a P/E ratio of 36.19, a P/E/G ratio of 2.17 and a beta of 1.42. The firm has a 50 day simple moving average of $201.32 and a 200 day simple moving average of $193.94.

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.