Universal Display Co. (NASDAQ:OLED) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Universal Display Co. (NASDAQ:OLED) by 25.4% during the 3rd quarter, Holdings Channel reports. The firm owned 126,728 shares of the semiconductor company’s stock after selling 43,241 shares during the period. Principal Financial Group Inc.’s holdings in Universal Display were worth $26,600,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Universal Display during the 2nd quarter valued at $127,668,000. Citigroup Inc. boosted its stake in shares of Universal Display by 1,387.6% during the third quarter. Citigroup Inc. now owns 261,723 shares of the semiconductor company’s stock valued at $54,936,000 after acquiring an additional 244,129 shares during the last quarter. Raymond James & Associates increased its position in Universal Display by 629.9% during the 3rd quarter. Raymond James & Associates now owns 269,414 shares of the semiconductor company’s stock worth $56,550,000 after purchasing an additional 232,503 shares in the last quarter. Barclays PLC raised its stake in Universal Display by 753.8% in the 3rd quarter. Barclays PLC now owns 212,518 shares of the semiconductor company’s stock valued at $44,608,000 after purchasing an additional 187,627 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in Universal Display in the 2nd quarter valued at about $34,558,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Universal Display

In related news, Director Lawrence Lacerte purchased 742 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $180.89 per share, for a total transaction 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Universal Display Stock Up 1.3 %

Shares of OLED opened at $153.46 on Wednesday. Universal Display Co. has a fifty-two week low of $148.09 and a fifty-two week high of $237.00. The company’s fifty day moving average is $173.66 and its two-hundred day moving average is $193.03. The firm has a market cap of $7.28 billion, a PE ratio of 30.82, a price-to-earnings-growth ratio of 1.74 and a beta of 1.40.

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

Universal Display Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.60 annualized dividend and a yield of 1.04%. Universal Display’s dividend payout ratio is currently 32.13%.

Wall Street Analyst Weigh In

OLED has been the subject of a number of analyst reports. Needham & Company LLC cut their price objective on shares of Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Oppenheimer lowered their target price on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, TD Cowen reduced their price target on Universal Display from $250.00 to $225.00 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 five have assigned a buy rating to the company. Based on data from MarketBeat, Universal Display has an average rating of “Moderate Buy” and a consensus price target of $210.71.

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.