Corebridge Financial Inc. Cuts Stake in Universal Display Co. (NASDAQ:OLED)

Corebridge Financial Inc. trimmed its stake in Universal Display Co. (NASDAQ:OLED) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,231 shares of the semiconductor company’s stock after selling 2,247 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of Universal Display worth $7,344,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Brooklyn Investment Group purchased a new stake in shares of Universal Display during the 3rd quarter valued at $30,000. True Wealth Design LLC purchased a new stake in Universal Display during the third quarter valued at about $36,000. Blue Trust Inc. increased its stake in Universal Display by 401.9% during the fourth quarter. Blue Trust Inc. now owns 261 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 209 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Universal Display by 761.1% in the 4th quarter. Farther Finance Advisors LLC now owns 310 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 274 shares during the period. Finally, Quarry LP lifted its stake in shares of Universal Display by 1,347.8% in the 3rd quarter. Quarry LP now owns 333 shares of the semiconductor company’s stock valued at $70,000 after purchasing an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 78.19% of the company’s stock.

Universal Display Stock Down 3.1 %

Shares of NASDAQ OLED opened at $145.17 on Friday. The business has a 50 day moving average price of $149.47 and a two-hundred day moving average price of $168.25. Universal Display Co. has a fifty-two week low of $140.17 and a fifty-two week high of $237.00. The firm has a market cap of $6.89 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Universal Display (NASDAQ:OLED) last issued its quarterly earnings results on Thursday, February 20th. The semiconductor company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.14. Universal Display had a net margin of 34.29% and a return on equity of 15.51%. The business had revenue of $162.29 million during the quarter, compared to analyst estimates of $152.75 million. On average, analysts anticipate that Universal Display Co. will post 4.71 earnings per share for the current year.

Universal Display Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.24%. This is an increase from Universal Display’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, March 17th. Universal Display’s dividend payout ratio (DPR) is 38.71%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Oppenheimer cut 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. StockNews.com upgraded shares of Universal Display from a “sell” rating to a “hold” rating in a report on Friday, March 21st. The Goldman Sachs Group lowered their price target on Universal Display from $234.00 to $203.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Susquehanna reduced their price objective 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. Finally, Roth Mkm increased their target price on Universal Display from $207.00 to $213.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.43.

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 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.