California Public Employees Retirement System reduced its position in Universal Display Co. (NASDAQ:OLED – Get Rating) by 8.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 82,794 shares of the semiconductor company’s stock after selling 7,556 shares during the quarter. California Public Employees Retirement System’s holdings in Universal Display were worth $8,374,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Banco Santander S.A. acquired a new position in Universal Display in the 2nd quarter valued at $491,000. Comerica Bank raised its stake in Universal Display by 0.8% in the 2nd quarter. Comerica Bank now owns 21,363 shares of the semiconductor company’s stock valued at $2,423,000 after purchasing an additional 167 shares during the last quarter. Quent Capital LLC acquired a new position in Universal Display in the 1st quarter valued at $167,000. Texas Permanent School Fund raised its stake in Universal Display by 2.1% in the 2nd quarter. Texas Permanent School Fund now owns 31,395 shares of the semiconductor company’s stock valued at $3,175,000 after purchasing an additional 658 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its stake in Universal Display by 18.8% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 3,173 shares of the semiconductor company’s stock valued at $321,000 after purchasing an additional 501 shares during the last quarter. 71.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts recently commented on OLED shares. Deutsche Bank Aktiengesellschaft reduced their price objective on Universal Display from $180.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Citigroup dropped their target price on Universal Display from $150.00 to $135.00 and set a “buy” rating for the company in a report on Monday. Oppenheimer dropped their target price on Universal Display from $150.00 to $135.00 in a report on Friday, November 4th. DA Davidson dropped their target price on Universal Display from $165.00 to $140.00 in a report on Tuesday, July 26th. Finally, Cowen dropped their target price on Universal Display from $145.00 to $130.00 in a report on Friday, November 4th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $139.56.
Universal Display Trading Up 2.6 %
Universal Display Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 16th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Thursday, December 15th. Universal Display’s dividend payout ratio is presently 30.00%.
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. It owns, exclusively licenses, or has sole rights to sublicense approximately 5,500 issued and pending patents worldwide.
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