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

Universal Display Co. (NASDAQ:OLED) gapped up before the market opened on Friday following a stronger than expected earnings report. 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 for the quarter, compared to the consensus estimate of $150.75 million. During the same period last year, the company earned $0.83 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year.

Universal Display Dividend Announcement

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 issued a $0.40 dividend. The ex-dividend date 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 presently 34.78%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Universal Display

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. bought a new position in Universal Display during the fourth quarter worth $25,000. Orion Capital Management LLC bought a new position in Universal Display during the third quarter worth $31,000. Principal Securities Inc. bought a new position in Universal Display during the fourth quarter worth $34,000. Tsfg LLC bought a new position in Universal Display during the first quarter worth $34,000. Finally, University of Texas Texas AM Investment Managment Co. bought a new position in Universal Display during the fourth quarter worth $35,000. 78.19% of the stock is owned by institutional investors.

Universal Display Price Performance

The stock’s 50-day moving average price is $163.28 and its 200-day moving average price is $169.05. The company has a market cap of $8.10 billion, a P/E ratio of 37.13, a PEG ratio of 1.70 and a beta of 1.44.

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.