Connor Clark & Lunn Investment Management Ltd. Invests $10.31 Million in Universal Display Corporation $OLED

Connor Clark & Lunn Investment Management Ltd. bought a new position in Universal Display Corporation (NASDAQ:OLED) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 119,052 shares of the semiconductor company’s stock, valued at approximately $10,309,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.26% of Universal Display at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OLED. XXEC Inc. acquired a new stake in shares of Universal Display during the 2nd quarter valued at $2,508,286,000. BlackRock Inc. acquired a new stake in Universal Display during the 2nd quarter worth about $373,931,000. State Street Corp raised its holdings in Universal Display by 4.3% during the 4th quarter. State Street Corp now owns 1,694,779 shares of the semiconductor company’s stock worth $197,916,000 after buying an additional 69,163 shares during the period. Geode Capital Management LLC lifted its stake in Universal Display by 25.0% during the fourth quarter. Geode Capital Management LLC now owns 1,109,077 shares of the semiconductor company’s stock valued at $129,537,000 after buying an additional 222,108 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Universal Display by 21.1% during the first quarter. First Trust Advisors LP now owns 976,423 shares of the semiconductor company’s stock valued at $89,499,000 after buying an additional 169,969 shares in the last quarter. 78.19% of the stock is owned by institutional investors and hedge funds.

Universal Display Price Performance

NASDAQ OLED opened at $86.84 on Thursday. The company has a 50 day simple moving average of $84.27 and a 200-day simple moving average of $93.11. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 21.03 and a beta of 1.54. Universal Display Corporation has a 52-week low of $76.42 and a 52-week high of $153.38.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings results on Thursday, July 30th. The semiconductor company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $152.16 million during the quarter, compared to analysts’ expectations of $157.54 million. Universal Display had a net margin of 32.24% and a return on equity of 11.35%. The firm’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period last year, the company posted $1.41 earnings per share. On average, analysts predict that Universal Display Corporation will post 4.17 EPS for the current year.

Universal Display Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Universal Display’s dividend payout ratio (DPR) is 48.43%.

Analyst Ratings Changes

OLED has been the topic of a number of recent analyst reports. BTIG Research lowered shares of Universal Display to a “neutral” rating in a report on Friday, July 31st. Susquehanna decreased their price objective on shares of Universal Display from $110.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Zacks Research upgraded shares of Universal Display from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings downgraded shares of Universal Display from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 28th. Finally, Needham & Company LLC reduced their target price on Universal Display from $120.00 to $100.00 and set a “buy” rating for the company in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Universal Display has a consensus rating of “Hold” and an average price target of $116.33.

Universal Display Company 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.