Jennison Associates LLC Sells 117,304 Shares of Universal Display Co. (NASDAQ:OLED)

Jennison Associates LLC cut its position in shares of Universal Display Co. (NASDAQ:OLED) by 21.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 432,265 shares of the semiconductor company’s stock after selling 117,304 shares during the quarter. Jennison Associates LLC’s holdings in Universal Display were worth $90,732,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OLED. Assetmark Inc. purchased a new position in Universal Display during the third quarter valued at $29,000. V Square Quantitative Management LLC purchased a new position in Universal Display during the 3rd quarter valued at about $31,000. Nisa Investment Advisors LLC boosted its stake in Universal Display by 60.2% during the third quarter. Nisa Investment Advisors LLC now owns 173 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 65 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Universal Display in the second quarter worth about $44,000. Finally, Tortoise Investment Management LLC bought a new position in shares of Universal Display during the second quarter valued at approximately $47,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

Universal Display Stock Up 0.9 %

Shares of OLED stock opened at $165.90 on Thursday. The company has a 50 day moving average price of $196.85 and a 200-day moving average price of $195.75. Universal Display Co. has a 52 week low of $148.75 and a 52 week high of $237.00. The firm has a market capitalization of $7.87 billion, a PE ratio of 33.31, a P/E/G ratio of 1.76 and a beta of 1.43.

Universal Display (NASDAQ:OLED) last posted its earnings results on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.21. The business had revenue of $161.63 million during the quarter, compared to the consensus estimate of $165.28 million. Universal Display had a net margin of 36.98% and a return on equity of 15.75%. The firm’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 EPS. Analysts anticipate that Universal Display Co. will post 4.79 earnings per share for the current year.

Universal Display Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Tuesday, December 17th. Universal Display’s dividend payout ratio is 32.13%.

Analysts Set New Price Targets

A number of analysts have recently commented on OLED shares. Susquehanna boosted their price target on Universal Display from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Needham & Company LLC dropped their target price on Universal Display from $242.00 to $215.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. TD Cowen reduced their price target on Universal Display from $250.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Roth Mkm upped their price target on shares of Universal Display from $189.00 to $217.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, Oppenheimer reduced their price objective on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $215.63.

Insiders Place Their Bets

In other Universal Display news, Director Lawrence Lacerte purchased 742 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of $180.89 per share, for a total transaction of $134,220.38. Following the completion of the transaction, the director now owns 122,372 shares of the company’s stock, valued at approximately $22,135,871.08. The trade was a 0.61 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

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.