UL Solutions (NYSE:ULS) Reaches New 12-Month High After Better-Than-Expected Earnings

UL Solutions Inc. (NYSE:ULS)’s share price reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $88.06 and last traded at $86.8690, with a volume of 42219 shares traded. The stock had previously closed at $78.61.

The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. The firm had revenue of $783.00 million for the quarter, compared to analysts’ expectations of $769.01 million. UL Solutions had a return on equity of 37.33% and a net margin of 11.08%.The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 EPS.

UL Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Friday, August 29th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.6%. The ex-dividend date was Friday, August 29th. UL Solutions’s payout ratio is 32.10%.

Wall Street Analyst Weigh In

ULS has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of UL Solutions in a report on Wednesday, October 8th. UBS Group lifted their price objective on UL Solutions from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. lifted their price objective on UL Solutions from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.57.

Institutional Investors Weigh In On UL Solutions

Several institutional investors have recently modified their holdings of ULS. Cresset Asset Management LLC acquired a new position in shares of UL Solutions during the 1st quarter worth approximately $226,000. KLP Kapitalforvaltning AS raised its holdings in UL Solutions by 39.7% in the 1st quarter. KLP Kapitalforvaltning AS now owns 16,900 shares of the company’s stock valued at $953,000 after acquiring an additional 4,800 shares during the last quarter. Northern Trust Corp raised its holdings in UL Solutions by 26.8% in the 1st quarter. Northern Trust Corp now owns 232,946 shares of the company’s stock valued at $13,138,000 after acquiring an additional 49,222 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in UL Solutions in the 1st quarter valued at $555,000. Finally, Vest Financial LLC raised its holdings in UL Solutions by 122.7% in the 2nd quarter. Vest Financial LLC now owns 34,795 shares of the company’s stock valued at $2,535,000 after acquiring an additional 19,172 shares during the last quarter.

UL Solutions Price Performance

The company has a fifty day simple moving average of $71.01 and a two-hundred day simple moving average of $69.39. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $18.10 billion, a price-to-earnings ratio of 55.05 and a beta of 1.05.

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.