PNC Financial Services Group Inc. Decreases Stake in Universal Display Co. (NASDAQ:OLED)

PNC Financial Services Group Inc. lowered its position in Universal Display Co. (NASDAQ:OLED) by 31.5% in the third quarter, Holdings Channel reports. The fund owned 7,730 shares of the semiconductor company’s stock after selling 3,551 shares during the period. PNC Financial Services Group Inc.’s holdings in Universal Display were worth $1,623,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its stake in Universal Display by 172.0% in the first quarter. Tidal Investments LLC now owns 6,246 shares of the semiconductor company’s stock worth $1,052,000 after acquiring an additional 3,950 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Universal Display by 375.1% during the second 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. Montanaro Asset Management Ltd raised its holdings in Universal Display by 217.4% during the third quarter. Montanaro Asset Management Ltd now owns 63,260 shares of the semiconductor company’s stock worth $13,278,000 after purchasing an additional 43,330 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Universal Display during the first quarter worth approximately $620,000. Finally, ProShare Advisors LLC raised its holdings in Universal Display by 117.2% during the second quarter. ProShare Advisors LLC now owns 18,762 shares of the semiconductor company’s stock worth $3,945,000 after purchasing an additional 10,122 shares in the last quarter. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on OLED shares. 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. Oppenheimer cut their price objective on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. TD Cowen cut their price objective on shares of Universal Display from $250.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Susquehanna raised their price objective on shares of Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Needham & Company LLC cut their target price on shares of Universal Display from $242.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Universal Display presently has a consensus rating of “Moderate Buy” and an average target price of $215.63.

Insider Activity at Universal Display

In other news, Director Lawrence Lacerte acquired 742 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $180.89 per share, for a total transaction of $134,220.38. Following the transaction, the director now directly owns 122,372 shares in the company, valued at approximately $22,135,871.08. This represents a 0.61 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.90% of the stock is currently owned by insiders.

Universal Display Price Performance

NASDAQ:OLED opened at $161.80 on Wednesday. The firm’s fifty day moving average price is $194.63 and its 200 day moving average price is $195.75. Universal Display Co. has a 1-year low of $148.75 and a 1-year high of $237.00. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 1.80 and a beta of 1.43.

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

Universal Display Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.60 dividend on an annualized basis and a yield of 0.99%. Universal Display’s dividend payout ratio (DPR) is 32.13%.

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.