Wells Fargo & Company Cuts UL Solutions (NYSE:ULS) Price Target to $104.00

UL Solutions (NYSE:ULS) had its price target reduced by Wells Fargo & Company from $120.00 to $104.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

ULS has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their target price on UL Solutions from $88.00 to $108.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Telsey Advisory Group set a $100.00 price target on UL Solutions in a report on Wednesday, May 6th. Raymond James Financial restated an “outperform” rating and issued a $115.00 price objective on shares of UL Solutions in a research report on Wednesday, May 6th. BNP Paribas Exane started coverage on UL Solutions in a research note on Monday, April 20th. They set a “neutral” rating and a $95.00 price objective on the stock. Finally, Citigroup dropped their price objective on UL Solutions from $106.40 to $82.80 and set a “neutral” rating for the company in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, UL Solutions currently has an average rating of “Moderate Buy” and an average target price of $96.78.

UL Solutions Stock Up 1.7%

Shares of NYSE ULS opened at $78.15 on Wednesday. The firm’s 50-day moving average is $91.64 and its two-hundred day moving average is $87.31. The company has a market capitalization of $15.75 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 3.12 and a beta of 0.71. UL Solutions has a 12-month low of $61.64 and a 12-month high of $107.54. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.16.

UL Solutions (NYSE:ULS) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. UL Solutions had a net margin of 16.02% and a return on equity of 28.81%. The business had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $813.62 million. During the same period last year, the company posted $0.52 EPS. The company’s revenue was up 5.2% on a year-over-year basis. Equities analysts anticipate that UL Solutions will post 2.13 EPS for the current fiscal year.

UL Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Friday, May 29th were paid a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, May 29th. UL Solutions’s payout ratio is presently 23.48%.

Insider Buying and Selling

In other news, insider Gitte Schjotz sold 12,015 shares of UL Solutions stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $99.71, for a total value of $1,198,015.65. Following the completion of the sale, the insider owned 69,206 shares of the company’s stock, valued at $6,900,530.26. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alberto Uggetti sold 6,100 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $100.00, for a total value of $610,000.00. Following the completion of the transaction, the executive vice president owned 10,307 shares of the company’s stock, valued at $1,030,700. The trade was a 37.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 57,705 shares of company stock worth $5,634,995 in the last three months. 1.20% of the stock is currently owned by insiders.

Institutional Trading of UL Solutions

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in shares of UL Solutions by 119.5% during the 1st quarter. Royal Bank of Canada now owns 143,431 shares of the company’s stock valued at $8,090,000 after acquiring an additional 78,081 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of UL Solutions by 104.3% in the first quarter. Goldman Sachs Group Inc. now owns 460,160 shares of the company’s stock worth $25,953,000 after acquiring an additional 234,913 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of UL Solutions by 11.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,771 shares of the company’s stock worth $6,981,000 after acquiring an additional 13,205 shares during the last quarter. Rhumbline Advisers purchased a new stake in UL Solutions in the first quarter valued at approximately $49,000. Finally, Creative Planning purchased a new stake in UL Solutions in the second quarter valued at approximately $208,000.

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.