The Manufacturers Life Insurance Company Sells 1,041 Shares of Universal Display Co. (NASDAQ:OLED)

The Manufacturers Life Insurance Company cut its stake in shares of Universal Display Co. (NASDAQ:OLED) by 2.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,024 shares of the semiconductor company’s stock after selling 1,041 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Universal Display worth $7,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of OLED. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Universal Display during the second quarter valued at approximately $127,668,000. Citigroup Inc. lifted its holdings in shares of Universal Display by 1,387.6% in the 3rd quarter. Citigroup Inc. now owns 261,723 shares of the semiconductor company’s stock worth $54,936,000 after acquiring an additional 244,129 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Universal Display by 629.9% in the 3rd quarter. Raymond James & Associates now owns 269,414 shares of the semiconductor company’s stock worth $56,550,000 after acquiring an additional 232,503 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Universal Display in the 2nd quarter worth approximately $34,558,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Universal Display in the 2nd quarter worth approximately $23,500,000. 78.19% of the stock is currently owned by institutional investors.

Universal Display Stock Performance

Shares of OLED stock opened at $160.10 on Thursday. Universal Display Co. has a one year low of $148.75 and a one year high of $237.00. The company’s 50-day moving average is $189.03 and its 200 day moving average is $195.31. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 32.15, a price-to-earnings-growth ratio of 1.77 and a beta of 1.39.

Universal Display (NASDAQ:OLED) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.19 by $0.21. Universal Display had a net margin of 36.98% and a return on equity of 15.75%. The company had revenue of $161.63 million for the quarter, compared to the consensus estimate of $165.28 million. During the same period in the prior year, the firm posted $1.08 EPS. Universal Display’s revenue for the quarter was up 14.6% on a year-over-year basis. As a group, research analysts predict that Universal Display Co. will post 4.8 earnings per share for the current fiscal year.

Universal Display Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Tuesday, December 17th. Universal Display’s payout ratio is presently 32.13%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OLED shares. TD Cowen lowered their price objective on shares of Universal Display from $250.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Oppenheimer lowered their price objective on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, Needham & Company LLC decreased their target price on shares of Universal Display from $242.00 to $215.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $215.63.

Insider Activity

In related news, Director Lawrence Lacerte purchased 742 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $180.89 per share, with a total value of $134,220.38. Following the acquisition, the director now directly owns 122,372 shares in the company, valued at $22,135,871.08. The trade was a 0.61 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.90% of the company’s stock.

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.