Griffin Asset Management Inc. Decreases Stake in Universal Display Corporation $OLED

Griffin Asset Management Inc. lessened its stake in shares of Universal Display Corporation (NASDAQ:OLED) by 18.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 218,285 shares of the semiconductor company’s stock after selling 50,990 shares during the quarter. Universal Display makes up 2.8% of Griffin Asset Management Inc.’s holdings, making the stock its 3rd biggest holding. Griffin Asset Management Inc.’s holdings in Universal Display were worth $25,491,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of OLED. Focus Partners Wealth grew its stake in shares of Universal Display by 6.4% in the first quarter. Focus Partners Wealth now owns 3,680 shares of the semiconductor company’s stock worth $513,000 after purchasing an additional 221 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Universal Display by 2.3% in the second quarter. American Century Companies Inc. now owns 12,766 shares of the semiconductor company’s stock worth $1,972,000 after purchasing an additional 285 shares during the last quarter. Invesco Ltd. grew its stake in shares of Universal Display by 1.8% in the second quarter. Invesco Ltd. now owns 112,982 shares of the semiconductor company’s stock worth $17,451,000 after purchasing an additional 2,040 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Universal Display in the second quarter worth $2,220,000. Finally, Cresset Asset Management LLC grew its stake in shares of Universal Display by 64.2% in the second quarter. Cresset Asset Management LLC now owns 2,512 shares of the semiconductor company’s stock worth $388,000 after purchasing an additional 982 shares during the last quarter. Institutional investors own 78.19% of the company’s stock.

Universal Display Price Performance

Shares of Universal Display stock opened at $90.66 on Thursday. The stock’s 50-day moving average is $94.08 and its 200 day moving average is $109.99. Universal Display Corporation has a one year low of $83.64 and a one year high of $163.21. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 20.24 and a beta of 1.54.

Universal Display (NASDAQ:OLED) last issued its earnings results on Thursday, April 30th. The semiconductor company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.37). Universal Display had a return on equity of 12.34% and a net margin of 34.08%.The business had revenue of $142.21 million during the quarter, compared to the consensus estimate of $161.23 million. During the same quarter in the previous year, the firm posted $1.35 earnings per share. The company’s revenue for the quarter was down 14.5% compared to the same quarter last year. On average, sell-side analysts expect that Universal Display Corporation will post 4.4 EPS for the current fiscal year.

Universal Display Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. Universal Display’s payout ratio is currently 44.64%.

Wall Street Analysts Forecast Growth

OLED has been the topic of several analyst reports. Wall Street Zen raised shares of Universal Display from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Citigroup reduced their price objective on shares of Universal Display from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Roth Mkm set a $168.00 price objective on shares of Universal Display in a research note on Friday, May 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Universal Display in a research note on Monday, March 23rd. Finally, Needham & Company LLC reduced their price objective on shares of Universal Display from $145.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Universal Display currently has a consensus rating of “Hold” and a consensus price target of $130.60.

Universal Display Profile

Universal Display Corporation (NASDAQ: OLED) is a technology company specializing in organic light-emitting diode (OLED) solutions. The company develops and commercializes materials, technologies and software used in the creation of OLED displays and lighting. Its offerings include proprietary phosphorescent OLED (PHOLED) materials, display driver integrated circuits and process technologies that enable higher efficiency, longer lifetimes and improved color performance for a range of display and lighting applications.

Universal Display’s core business is licensing its extensive OLED patent portfolio to display manufacturers and providing them with the key organic materials needed for device fabrication.