Universal Display (NASDAQ:OLED) Sees Large Volume Increase on Better-Than-Expected Earnings

Universal Display Co. (NASDAQ:OLED) saw strong trading volume on Thursday after the company announced better than expected quarterly earnings. 232,326 shares were traded during trading, a decline of 36% from the previous session’s volume of 362,821 shares.The stock last traded at $183.12 and had previously closed at $203.16.

The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.20. Universal Display had a return on equity of 15.25% and a net margin of 35.74%. The firm had revenue of $161.63 million for the quarter, compared to analysts’ expectations of $165.28 million. During the same period last year, the business posted $1.08 earnings per share. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Oppenheimer increased their price objective on Universal Display from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 3rd. Needham & Company LLC cut their price target on Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday. Roth Mkm boosted their price target on Universal Display from $189.00 to $217.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Susquehanna increased their price objective on Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, TD Cowen reduced their price target on Universal Display from $250.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $219.38.

Hedge Funds Weigh In On Universal Display

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Universal Display by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 4,567,374 shares of the semiconductor company’s stock worth $769,374,000 after purchasing an additional 50,233 shares during the period. Primecap Management Co. CA increased its stake in Universal Display by 0.4% during the second quarter. Primecap Management Co. CA now owns 1,895,017 shares of the semiconductor company’s stock valued at $398,427,000 after acquiring an additional 7,435 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Universal Display in the 2nd quarter valued at approximately $127,668,000. Van ECK Associates Corp lifted its position in shares of Universal Display by 27.2% in the 3rd quarter. Van ECK Associates Corp now owns 507,440 shares of the semiconductor company’s stock worth $101,914,000 after acquiring an additional 108,394 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Universal Display by 27.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 469,570 shares of the semiconductor company’s stock worth $98,725,000 after purchasing an additional 100,809 shares in the last quarter. Institutional investors own 78.19% of the company’s stock.

Universal Display Stock Down 9.8 %

The firm has a market capitalization of $8.69 billion, a P/E ratio of 39.91, a PEG ratio of 2.16 and a beta of 1.42. The business has a 50-day moving average price of $201.79 and a 200-day moving average price of $193.89.

Universal Display Company 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.