UL Solutions Inc. (NYSE:ULS) Sees Significant Decline in Short Interest

UL Solutions Inc. (NYSE:ULS) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 730,000 shares, a drop of 57.3% from the September 30th total of 1,710,000 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average daily trading volume, of 799,600 shares, the days-to-cover ratio is presently 0.9 days.

Insider Activity

In other UL Solutions news, major shareholder Ulse Inc. sold 3,000,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were 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 link.

Hedge Funds Weigh In On UL Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC purchased a new stake in shares of UL Solutions in the second quarter worth about $29,000. Sunbelt Securities Inc. purchased a new position in shares of UL Solutions during the 2nd quarter valued at $72,000. Daiwa Securities Group Inc. purchased a new stake in shares of UL Solutions in the second quarter worth $84,000. TFC Financial Management Inc. bought a new stake in UL Solutions during the second quarter valued at $88,000. Finally, Bellecapital International Ltd. purchased a new position in UL Solutions during the second quarter worth about $208,000.

UL Solutions Price Performance

Shares of ULS stock traded down $0.40 on Monday, reaching $52.57. 335,587 shares of the company were exchanged, compared to its average volume of 744,140. The firm has a 50-day simple moving average of $51.50. UL Solutions has a one year low of $33.15 and a one year high of $56.28. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.29 and a quick ratio of 1.29.

UL Solutions (NYSE:ULS) last announced its earnings results on Wednesday, July 31st. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The business had revenue of $730.00 million during the quarter, compared to analysts’ expectations of $718.73 million. The business’s revenue was up 6.0% on a year-over-year basis. Equities research analysts expect that UL Solutions will post 1.48 EPS for the current fiscal year.

UL Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Friday, August 30th were paid a $0.125 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 0.95%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ULS shares. Robert W. Baird increased their price objective on shares of UL Solutions from $46.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. The Goldman Sachs Group boosted their price objective on UL Solutions from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Citigroup initiated coverage on UL Solutions in a research note on Monday, October 7th. They set a “buy” rating and a $60.00 target price on the stock. Wells Fargo & Company upped their price target on shares of UL Solutions from $43.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Baird R W lowered shares of UL Solutions from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 12th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, UL Solutions presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.80.

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.