Principal Financial Group Inc. Sells 43,241 Shares of Universal Display Co. (NASDAQ:OLED)

Principal Financial Group Inc. lessened its stake in shares of Universal Display Co. (NASDAQ:OLED) by 25.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 126,728 shares of the semiconductor company’s stock after selling 43,241 shares during the quarter. Principal Financial Group Inc. owned approximately 0.27% of Universal Display worth $26,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OLED. Raymond James & Associates raised its holdings in shares of Universal Display by 1.8% during the second quarter. Raymond James & Associates now owns 36,911 shares of the semiconductor company’s stock worth $7,760,000 after purchasing an additional 647 shares during the last quarter. Bank of New York Mellon Corp raised its position in Universal Display by 5.1% in the second quarter. Bank of New York Mellon Corp now owns 424,078 shares of the semiconductor company’s stock valued at $89,162,000 after purchasing an additional 20,737 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Universal Display during the 2nd quarter worth approximately $90,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Universal Display by 3.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,511 shares of the semiconductor company’s stock valued at $2,000,000 after purchasing an additional 319 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Universal Display by 17.3% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,000 shares of the semiconductor company’s stock worth $421,000 after purchasing an additional 295 shares during the period. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Insider Activity

In other news, Director Lawrence Lacerte acquired 742 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of $180.89 per share, with a total value of $134,220.38. Following the purchase, the director now directly owns 122,372 shares of the company’s stock, valued at approximately $22,135,871.08. This trade represents a 0.61 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OLED shares. Oppenheimer dropped their price objective on shares of Universal Display from $240.00 to $220.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. TD Cowen dropped their target price on Universal Display from $250.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Needham & Company LLC decreased their price target on Universal Display from $242.00 to $215.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.71.

Universal Display Price Performance

OLED opened at $153.46 on Wednesday. Universal Display Co. has a 12 month low of $148.09 and a 12 month high of $237.00. The stock has a market capitalization of $7.28 billion, a P/E ratio of 30.82, a P/E/G ratio of 1.74 and a beta of 1.40. The business has a 50 day simple moving average of $173.66 and a 200-day simple moving average of $193.03.

Universal Display (NASDAQ:OLED) last released its earnings results on Wednesday, October 30th. The semiconductor company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.21. Universal Display had a return on equity of 15.75% and a net margin of 36.98%. The company had revenue of $161.63 million during the quarter, compared to the consensus estimate of $165.28 million. During the same quarter last year, the company earned $1.08 earnings per share. Universal Display’s quarterly revenue was up 14.6% compared to the same quarter last year. Research analysts anticipate that Universal Display Co. will post 4.8 EPS for the current year.

Universal Display Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, December 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.04%. Universal Display’s payout ratio is 32.13%.

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.