Universal Display Co. (NASDAQ:OLED) Shares Bought by New York State Teachers Retirement System

Posted by Defense World Staff on Jul 22nd, 2023

New York State Teachers Retirement System grew its position in Universal Display Co. (NASDAQ:OLED – Free Report) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,440 shares of the semiconductor company’s stock after acquiring an additional 200 shares during the period. New York State Teachers Retirement System owned about 0.09% of Universal Display worth $6,894,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CI Investments Inc. boosted its holdings in shares of Universal Display by 68.0% in the fourth quarter. CI Investments Inc. now owns 462 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 187 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Universal Display by 5,900.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 540 shares of the semiconductor company’s stock worth $50,000 after buying an additional 531 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in Universal Display during the first quarter worth about $93,000. Canada Pension Plan Investment Board boosted its holdings in Universal Display by 604.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,000 shares of the semiconductor company’s stock worth $167,000 after buying an additional 858 shares in the last quarter. Finally, Belpointe Asset Management LLC purchased a new stake in Universal Display during the fourth quarter worth about $111,000. Hedge funds and other institutional investors own 74.93% of the company’s stock.

Universal Display Stock Performance

Shares of NASDAQ OLED opened at $142.67 on Friday. Universal Display Co. has a 1 year low of $89.41 and a 1 year high of $157.50. The firm’s 50 day moving average price is $144.82 and its 200 day moving average price is $139.40. The firm has a market cap of $6.75 billion, a P/E ratio of 34.13, a price-to-earnings-growth ratio of 2.41 and a beta of 1.35.

Universal Display (NASDAQ:OLED – Get Free Report) last announced its earnings results on Wednesday, May 3rd. The semiconductor company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.01. Universal Display had a net margin of 33.51% and a return on equity of 16.15%. The firm had revenue of $130.47 million for the quarter, compared to analyst estimates of $135.19 million. During the same quarter last year, the business earned $1.05 earnings per share. Universal Display’s revenue was down 13.3% compared to the same quarter last year. As a group, equities analysts predict that Universal Display Co. will post 3.85 EPS for the current year.

Universal Display Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $1.40 dividend on an annualized basis and a yield of 0.98%. Universal Display’s dividend payout ratio (DPR) is currently 33.49%.

Analysts Set New Price Targets

Several analysts have recently commented on OLED shares. StockNews.com started coverage on shares of Universal Display in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Oppenheimer increased their price target on shares of Universal Display from $160.00 to $180.00 in a research report on Tuesday, April 18th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $150.44.

Insider Buying and Selling

In other Universal Display news, Director Lawrence Lacerte sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $136.73, for a total transaction of $2,050,950.00. Following the transaction, the director now owns 125,472 shares of the company’s stock, valued at $17,155,786.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Universal Display news, EVP Julia J. Brown sold 1,764 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $150.14, for a total transaction of $264,846.96. Following the transaction, the executive vice president now owns 63,268 shares of the company’s stock, valued at $9,499,057.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Lacerte sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $136.73, for a total transaction of $2,050,950.00. Following the transaction, the director now directly owns 125,472 shares in the company, valued at approximately $17,155,786.56. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

About Universal Display

(Free Report)

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. The company offers PHOLED technologies and materials for displays and lighting products under the UniversalPHOLED brand.