State of Michigan Retirement System Has $2.21 Million Holdings in Universal Display Co. (NASDAQ:OLED)

State of Michigan Retirement System cut its position in shares of Universal Display Co. (NASDAQ:OLED) by 1.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,505 shares of the semiconductor company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Universal Display were worth $2,209,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Peapack Gladstone Financial Corp lifted its position in shares of Universal Display by 1.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 3,367 shares of the semiconductor company’s stock valued at $643,000 after acquiring an additional 60 shares in the last quarter. Red Spruce Capital LLC lifted its holdings in shares of Universal Display by 0.7% in the second quarter. Red Spruce Capital LLC now owns 11,146 shares of the semiconductor company’s stock valued at $2,343,000 after purchasing an additional 76 shares in the last quarter. 1492 Capital Management LLC boosted its position in shares of Universal Display by 0.8% in the fourth quarter. 1492 Capital Management LLC now owns 9,543 shares of the semiconductor company’s stock worth $1,825,000 after buying an additional 79 shares during the period. Spire Wealth Management grew its holdings in shares of Universal Display by 11.1% during the first quarter. Spire Wealth Management now owns 1,000 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 100 shares in the last quarter. Finally, Bahl & Gaynor Inc. grew its holdings in shares of Universal Display by 0.5% during the first quarter. Bahl & Gaynor Inc. now owns 18,645 shares of the semiconductor company’s stock valued at $3,141,000 after buying an additional 101 shares in the last quarter. 78.19% of the stock is currently owned by institutional investors and hedge funds.

Universal Display Trading Down 1.8 %

OLED stock opened at $187.92 on Wednesday. The firm has a market cap of $8.92 billion, a PE ratio of 40.85, a PEG ratio of 2.04 and a beta of 1.42. Universal Display Co. has a 1 year low of $133.67 and a 1 year high of $237.00. The company has a fifty day simple moving average of $204.86 and a 200 day simple moving average of $183.39.

Universal Display (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.04). The company had revenue of $158.50 million during the quarter, compared to analyst estimates of $159.46 million. Universal Display had a return on equity of 15.25% and a net margin of 35.74%. Universal Display’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.04 EPS. As a group, analysts forecast that Universal Display Co. will post 4.79 EPS for the current fiscal year.

Universal Display Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.60 annualized dividend and a yield of 0.85%. Universal Display’s dividend payout ratio (DPR) is presently 34.78%.

Analysts Set New Price Targets

A number of equities research analysts have commented on OLED shares. Needham & Company LLC raised their price objective on Universal Display from $198.00 to $242.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Oppenheimer raised their price target on shares of Universal Display from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, July 3rd. TD Cowen upped their price objective on shares of Universal Display from $210.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Susquehanna increased their target price on shares of Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Roth Mkm boosted their price target on shares of Universal Display from $189.00 to $217.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Universal Display presently has an average rating of “Moderate Buy” and an average price target of $225.88.

Universal Display 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.