UL Solutions (NYSE:ULS) Price Target Raised to $120.00

UL Solutions (NYSE:ULS) had its price target boosted by Wells Fargo & Company from $102.00 to $120.00 in a research note released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on ULS. Citigroup dropped their price target on shares of UL Solutions from $88.10 to $87.80 and set a “neutral” rating on the stock in a research report on Tuesday, February 24th. Bank of America raised their price target on shares of UL Solutions to $86.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. JPMorgan Chase & Co. raised their price target on shares of UL Solutions from $84.00 to $88.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. UBS Group raised their price target on shares of UL Solutions from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Finally, Robert W. Baird dropped their price target on shares of UL Solutions from $97.00 to $96.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, UL Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $101.54.

UL Solutions Stock Up 1.1%

ULS opened at $100.47 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.16 and a quick ratio of 1.32. The company’s 50-day moving average is $86.62 and its 200 day moving average is $81.81. UL Solutions has a fifty-two week low of $61.64 and a fifty-two week high of $107.54. The firm has a market capitalization of $20.20 billion, a P/E ratio of 58.75, a PEG ratio of 4.02 and a beta of 0.59.

UL Solutions (NYSE:ULS) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. UL Solutions had a net margin of 11.24% and a return on equity of 30.99%. The company had revenue of $758.00 million for the quarter, compared to analyst estimates of $748.50 million. During the same period last year, the firm earned $0.37 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. Research analysts expect that UL Solutions will post 2.02 earnings per share for the current fiscal year.

UL Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Monday, March 2nd were given a $0.145 dividend. This is a positive change from UL Solutions’s previous quarterly dividend of $0.13. This represents a $0.58 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 2nd. UL Solutions’s payout ratio is presently 33.92%.

Insider Buying and Selling

In other UL Solutions news, CEO Jennifer F. Scanlon sold 12,500 shares of UL Solutions stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $91.57, for a total value of $1,144,625.00. Following the sale, the chief executive officer owned 188,274 shares of the company’s stock, valued at approximately $17,240,250.18. The trade was a 6.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of UL Solutions

Several hedge funds have recently added to or reduced their stakes in ULS. Ghisallo Capital Management LLC raised its position in UL Solutions by 1,299.3% in the fourth quarter. Ghisallo Capital Management LLC now owns 1,399,273 shares of the company’s stock worth $110,347,000 after acquiring an additional 1,299,273 shares during the period. Vanguard Group Inc. increased its stake in shares of UL Solutions by 21.9% in the fourth quarter. Vanguard Group Inc. now owns 6,740,636 shares of the company’s stock worth $531,567,000 after purchasing an additional 1,213,188 shares in the last quarter. State Street Corp increased its stake in shares of UL Solutions by 272.1% in the fourth quarter. State Street Corp now owns 1,460,723 shares of the company’s stock worth $115,193,000 after purchasing an additional 1,068,194 shares in the last quarter. Norges Bank purchased a new position in shares of UL Solutions in the fourth quarter worth about $72,719,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of UL Solutions in the fourth quarter worth about $69,002,000.

About UL Solutions

UL Solutions (NYSE: ULS) is a global safety science company that provides testing, inspection, certification, advisory and digital solutions designed to help organizations manage risk, ensure regulatory compliance and drive innovation. With roots dating back to 1894 when it was founded as Underwriters’ Electrical Bureau, the company rebranded as UL Solutions following its initial public offering in 2022. Headquartered in Northbrook, Illinois, UL Solutions operates independently to serve a broad range of industries with an emphasis on product safety, performance and sustainability.

The company’s core services include standards development, product testing and certification for sectors such as building products, consumer electronics, automotive, life sciences, energy and industrial equipment.