Jennison Associates LLC Lowers Position in Universal Display Co. (NASDAQ:OLED)

Jennison Associates LLC trimmed its holdings in shares of Universal Display Co. (NASDAQ:OLED) by 21.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 432,265 shares of the semiconductor company’s stock after selling 117,304 shares during the quarter. Jennison Associates LLC owned about 0.91% of Universal Display worth $90,732,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Universal Display during the second quarter worth about $127,668,000. Raymond James & Associates grew its stake in 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 buying an additional 232,503 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Universal Display by 66.6% during the 1st quarter. Janus Henderson Group PLC now owns 434,029 shares of the semiconductor company’s stock valued at $73,099,000 after buying an additional 173,496 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Universal Display during the 2nd quarter valued at $34,558,000. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Universal Display during the 2nd quarter worth $23,500,000. 78.19% of the stock is currently owned by institutional investors.

Insider Activity at Universal Display

In related news, Director Lawrence Lacerte purchased 742 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average price of $180.89 per share, for a total transaction of $134,220.38. Following the completion of the acquisition, the director now directly owns 122,372 shares in the company, valued at approximately $22,135,871.08. The trade was a 0.61 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by company insiders.

Universal Display Stock Performance

Shares of OLED stock opened at $165.90 on Thursday. The company has a market capitalization of $7.87 billion, a P/E ratio of 33.31, a PEG ratio of 1.76 and a beta of 1.43. Universal Display Co. has a fifty-two week low of $148.75 and a fifty-two week high of $237.00. The stock has a 50 day moving average price of $196.85 and a two-hundred day moving average price of $195.75.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 36.98% and a return on equity of 15.75%. The firm’s revenue was up 14.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.08 EPS. As a group, equities analysts predict that Universal Display Co. will post 4.79 earnings per share for the current year.

Universal Display Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.60 annualized dividend and a dividend yield of 0.96%. Universal Display’s payout ratio is presently 32.13%.

Wall Street Analyst Weigh In

OLED has been the topic of a number of research analyst reports. TD Cowen reduced their target price 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. Roth Mkm raised their price objective on Universal Display from $189.00 to $217.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Needham & Company LLC cut their target price on Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Susquehanna increased their price target on shares of Universal Display from $170.00 to $175.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, 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. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $215.63.

Universal Display 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.