Universal Display (NASDAQ:OLED) Shares Gap Up After Earnings Beat

Universal Display Co. (NASDAQ:OLED)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $156.32, but opened at $171.00. Universal Display shares last traded at $165.70, with a volume of 121,402 shares changing hands.

The semiconductor company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.14. Universal Display had a net margin of 36.00% and a return on equity of 15.84%. The company had revenue of $165.26 million during the quarter, compared to analysts’ expectations of $150.75 million. During the same period last year, the company posted $0.83 earnings per share. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year.

Universal Display Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.94%. Universal Display’s dividend payout ratio (DPR) is 34.78%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OLED. Needham & Company LLC reissued a “buy” rating and set a $198.00 price objective on shares of Universal Display in a research note on Friday. Oppenheimer reiterated an “outperform” rating and issued a $200.00 price target (down previously from $210.00) on shares of Universal Display in a report on Friday, February 23rd. TD Cowen lifted their price target on shares of Universal Display from $165.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, Citigroup reiterated a “neutral” rating and issued a $180.00 price target (up previously from $161.00) on shares of Universal Display in a report on Friday, January 19th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $199.86.

Institutional Investors Weigh In On Universal Display

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Peapack Gladstone Financial Corp increased its position in shares of Universal Display by 1.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 3,367 shares of the semiconductor company’s stock worth $643,000 after purchasing an additional 60 shares during the last quarter. 1492 Capital Management LLC boosted its holdings in shares of Universal Display by 0.8% in the 4th quarter. 1492 Capital Management LLC now owns 9,543 shares of the semiconductor company’s stock valued at $1,825,000 after buying an additional 79 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of Universal Display by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 20,516 shares of the semiconductor company’s stock valued at $3,221,000 after buying an additional 100 shares during the period. Spire Wealth Management boosted its holdings in shares of Universal Display by 11.1% in the 1st quarter. Spire Wealth Management now owns 1,000 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 100 shares during the period. Finally, CWM LLC boosted its holdings in shares of Universal Display by 21.0% in the 4th quarter. CWM LLC now owns 606 shares of the semiconductor company’s stock valued at $116,000 after buying an additional 105 shares during the period. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Performance

The company’s fifty day moving average price is $163.28 and its 200 day moving average price is $169.05. The firm has a market capitalization of $8.10 billion, a price-to-earnings ratio of 37.13, a price-to-earnings-growth ratio of 1.70 and a beta of 1.44.

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.