Citigroup Initiates Coverage on Universal Display (OLED)

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Equities researchers at Citigroup assumed coverage on shares of Universal Display (NASDAQ:OLED) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $153.00 price target on the semiconductor company’s stock. Citigroup’s price objective indicates a potential upside of 19.86% from the company’s previous close.

OLED has been the topic of several other research reports. BidaskClub upgraded Universal Display from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 10th. Roth Capital began coverage on Universal Display in a report on Monday, May 21st. They set a “buy” rating and a $136.00 price objective on the stock. ValuEngine upgraded Universal Display from a “sell” rating to a “hold” rating in a report on Tuesday, July 10th. Zacks Investment Research upgraded Universal Display from a “sell” rating to a “hold” rating in a report on Saturday, August 11th. Finally, Goldman Sachs Group set a $150.00 price objective on Universal Display and gave the stock a “buy” rating in a report on Tuesday, May 29th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $172.82.

Shares of NASDAQ:OLED opened at $127.65 on Tuesday. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 52.65 and a beta of 1.73. Universal Display has a one year low of $78.75 and a one year high of $209.00.

Universal Display (NASDAQ:OLED) last posted its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.08. Universal Display had a return on equity of 11.59% and a net margin of 22.76%. The business had revenue of $56.15 million for the quarter, compared to analysts’ expectations of $49.64 million. During the same quarter last year, the firm earned $0.99 earnings per share. The business’s revenue was down 45.2% on a year-over-year basis. equities research analysts forecast that Universal Display will post 1.83 earnings per share for the current year.

In related news, Director Lawrence Lacerte sold 15,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $119.51, for a total value of $1,792,650.00. Following the transaction, the director now directly owns 348,950 shares of the company’s stock, valued at approximately $41,703,014.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of OLED. PNC Financial Services Group Inc. raised its position in Universal Display by 13.9% in the second quarter. PNC Financial Services Group Inc. now owns 4,432 shares of the semiconductor company’s stock valued at $381,000 after purchasing an additional 542 shares during the period. Amalgamated Bank raised its position in Universal Display by 6.8% in the first quarter. Amalgamated Bank now owns 8,893 shares of the semiconductor company’s stock valued at $898,000 after purchasing an additional 569 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in Universal Display by 46.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,866 shares of the semiconductor company’s stock valued at $160,000 after purchasing an additional 592 shares during the period. Alps Advisors Inc. raised its position in Universal Display by 13.8% in the second quarter. Alps Advisors Inc. now owns 4,915 shares of the semiconductor company’s stock valued at $423,000 after purchasing an additional 596 shares during the period. Finally, Assetmark Inc. raised its position in Universal Display by 187.9% in the first quarter. Assetmark Inc. now owns 996 shares of the semiconductor company’s stock valued at $101,000 after purchasing an additional 650 shares during the period. 72.57% of the stock is currently owned by institutional investors and hedge funds.

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 flat panel displays and solid-state lighting applications. As of February 22, 2018, it owned or had exclusive and co-exclusive licenses, or had sole license rights with respect to approximately 4,500 issued and pending patents worldwide.

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Analyst Recommendations for Universal Display (NASDAQ:OLED)

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