Norges Bank Buys New Stake in Universal Display Co. (NASDAQ:OLED)

Norges Bank purchased a new stake in Universal Display Co. (NASDAQ:OLED - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 656,117 shares of the semiconductor company's stock, valued at approximately $95,924,000. Norges Bank owned about 1.38% of Universal Display as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Universal Display by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 4,784,099 shares of the semiconductor company's stock worth $699,435,000 after purchasing an additional 67,590 shares during the period. Geode Capital Management LLC raised its holdings in shares of Universal Display by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 799,352 shares of the semiconductor company's stock worth $167,825,000 after buying an additional 15,015 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Universal Display by 58.2% during the 4th quarter. Jennison Associates LLC now owns 683,822 shares of the semiconductor company's stock valued at $99,975,000 after acquiring an additional 251,557 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Universal Display by 10.7% during the fourth quarter. Bank of New York Mellon Corp now owns 437,592 shares of the semiconductor company's stock valued at $63,976,000 after acquiring an additional 42,218 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Universal Display by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 341,019 shares of the semiconductor company's stock worth $49,857,000 after buying an additional 7,147 shares in the last quarter. 78.19% of the stock is currently owned by institutional investors and hedge funds.

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Universal Display Stock Performance

NASDAQ OLED traded down $4.10 during trading on Friday, hitting $113.42. The stock had a trading volume of 1,339,933 shares, compared to its average volume of 520,513. Universal Display Co. has a one year low of $102.46 and a one year high of $237.00. The stock has a 50 day simple moving average of $148.26 and a 200 day simple moving average of $166.34. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 1.61 and a beta of 1.40.

Universal Display (NASDAQ:OLED - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The semiconductor company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.08 by $0.14. The company had revenue of $162.29 million for the quarter, compared to the consensus estimate of $152.75 million. Universal Display had a return on equity of 15.51% and a net margin of 34.29%. On average, sell-side analysts predict that Universal Display Co. will post 4.71 EPS for the current year.

Universal Display Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.45 dividend. The ex-dividend date was Monday, March 17th. This is an increase from Universal Display's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 1.59%. Universal Display's payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Citigroup decreased their price objective on shares of Universal Display from $200.00 to $162.00 and set a "neutral" rating for the company in a research note on Monday, February 10th. Oppenheimer decreased their price target on shares of Universal Display from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Thursday, January 2nd. Roth Mkm upped their price target on shares of Universal Display from $207.00 to $213.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Needham & Company LLC reduced their price target on Universal Display from $215.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Susquehanna reduced their price target on Universal Display from $165.00 to $160.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $190.43.

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.