UL Solutions (NYSE:ULS) Hits New 1-Year High on Strong Earnings

UL Solutions Inc. (NYSE:ULS) reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $59.23 and last traded at $54.76, with a volume of 149417 shares changing hands. The stock had previously closed at $51.96.

The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.12. The business had revenue of $731.00 million for the quarter, compared to analysts’ expectations of $709.41 million. The business’s revenue was up 8.1% on a year-over-year basis.

UL Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 30th were paid a $0.125 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.99%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ULS. Baird R W lowered UL Solutions from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 12th. UBS Group increased their target price on shares of UL Solutions from $52.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of UL Solutions from $56.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday. The Goldman Sachs Group increased their price objective on shares of UL Solutions from $45.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Robert W. Baird increased their price target on UL Solutions from $53.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, UL Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Activity

In other UL Solutions news, major shareholder Ulse Inc. sold 3,000,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $49.00, for a total transaction of $147,000,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC acquired a new position in shares of UL Solutions in the 2nd quarter worth approximately $29,000. Sunbelt Securities Inc. bought a new stake in shares of UL Solutions during the 2nd quarter worth $72,000. Daiwa Securities Group Inc. acquired a new position in shares of UL Solutions in the 2nd quarter worth $84,000. TFC Financial Management Inc. acquired a new stake in shares of UL Solutions during the second quarter worth $88,000. Finally, Phillips Wealth Planners LLC purchased a new stake in shares of UL Solutions during the third quarter valued at $218,000.

UL Solutions Price Performance

The stock has a 50-day moving average of $51.15 and a two-hundred day moving average of $45.72. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.29 and a quick ratio of 1.29.

About UL Solutions

UL Solutions Inc provides safety science services worldwide. It operates through three segments: Industrial, Consumer, and Software and Advisory. The Industrial segment provides testing, inspection, and certification services across various end markets, including energy, industrial automation, engineered materials, and built environment, as well as stakeholders, such as manufacturers, building owners, end users, and regulators.