Universal Display Co. (NASDAQ:OLED – Get Rating) announced a quarterly dividend on Thursday, August 4th, Zacks reports. Investors of record on Friday, September 16th will be given a dividend of 0.30 per share by the semiconductor company on Friday, September 30th. This represents a $1.20 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, September 15th.
Universal Display has increased its dividend payment by an average of 49.4% annually over the last three years and has raised its dividend every year for the last 5 years. Universal Display has a payout ratio of 22.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Universal Display to earn $5.17 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 23.2%.
Universal Display Stock Up 5.3 %
OLED traded up $6.36 during trading on Friday, hitting $125.41. The company’s stock had a trading volume of 884,556 shares, compared to its average volume of 354,352. The business’s 50 day simple moving average is $113.46 and its 200-day simple moving average is $134.65. Universal Display has a one year low of $98.71 and a one year high of $220.23. The firm has a market cap of $5.92 billion, a PE ratio of 32.57, a P/E/G ratio of 1.31 and a beta of 1.46.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in OLED. Yousif Capital Management LLC raised its position in Universal Display by 1.1% during the 1st quarter. Yousif Capital Management LLC now owns 22,569 shares of the semiconductor company’s stock worth $3,768,000 after purchasing an additional 239 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Universal Display by 2.0% during the 1st quarter. HighTower Advisors LLC now owns 9,647 shares of the semiconductor company’s stock worth $1,610,000 after acquiring an additional 189 shares during the period. First Republic Investment Management Inc. increased its stake in Universal Display by 7.8% in the 1st quarter. First Republic Investment Management Inc. now owns 7,999 shares of the semiconductor company’s stock worth $1,335,000 after acquiring an additional 576 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of Universal Display in the 1st quarter worth about $1,005,000. Finally, Point72 Hong Kong Ltd purchased a new position in Universal Display during the 1st quarter valued at about $783,000. Institutional investors and hedge funds own 71.15% of the company’s stock.
Analysts Set New Price Targets
OLED has been the subject of several analyst reports. Bank of America downgraded shares of Universal Display from a “buy” rating to a “neutral” rating and reduced their price target for the company from $190.00 to $135.00 in a report on Wednesday, June 29th. Cowen reduced their target price on Universal Display from $175.00 to $145.00 in a report on Friday. Cowen lowered their price target on Universal Display from $175.00 to $145.00 in a research report on Friday. Deutsche Bank Aktiengesellschaft lowered their target price 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. Finally, The Goldman Sachs Group dropped their price objective on shares of Universal Display from $225.00 to $192.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.30.
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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