Bank of America Corp DE Buys 46,071 Shares of UL Solutions Inc. $ULS

Key Points

• Bank of America increased its UL Solutions stake by 68.2% in the first quarter, acquiring 46,071 additional shares and bringing its holdings to 113,623 shares valued at approximately $9.7 million.
• UL Solutions posted quarterly EPS of $0.59, beating estimates by $0.03, while revenue rose 5.2% year over year to $816 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $96.78, though some firms recently downgraded the stock or lowered targets.
• The company declared a quarterly dividend of $0.145 per share, equivalent to $0.58 annually and a 0.8% yield. Meanwhile, insiders have sold 47,605 shares worth about $4.6 million over the past 90 days.

Bank of America Corp DE lifted its stake in shares of UL Solutions Inc. (NYSE:ULS - Free Report) by 68.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 113,623 shares of the company's stock after acquiring an additional 46,071 shares during the period. Bank of America Corp DE owned approximately 0.06% of UL Solutions worth $9,739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ULS. Advisor OS LLC boosted its stake in shares of UL Solutions by 4.4% in the 4th quarter. Advisor OS LLC now owns 3,477 shares of the company's stock valued at $274,000 after purchasing an additional 147 shares in the last quarter. Cresset Asset Management LLC boosted its position in UL Solutions by 4.0% during the second quarter. Cresset Asset Management LLC now owns 4,174 shares of the company's stock valued at $304,000 after buying an additional 159 shares during the period. Daiwa Securities Group Inc. boosted its position in UL Solutions by 1.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 15,155 shares of the company's stock valued at $1,195,000 after buying an additional 194 shares during the period. Deutsche Bank AG grew its stake in shares of UL Solutions by 6.0% during the fourth quarter. Deutsche Bank AG now owns 3,677 shares of the company's stock valued at $290,000 after buying an additional 207 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of UL Solutions by 349.3% during the first quarter. Parallel Advisors LLC now owns 301 shares of the company's stock valued at $26,000 after buying an additional 234 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of UL Solutions from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Zacks Research cut UL Solutions from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Citigroup reduced their price target on UL Solutions from $106.40 to $82.80 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. Telsey Advisory Group set a $100.00 price target on UL Solutions in a research report on Wednesday, May 6th. Finally, The Goldman Sachs Group set a $86.00 price objective on UL Solutions in a report on Wednesday, August 5th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $96.78.

UL Solutions Trading Down 0.1%

NYSE ULS opened at $74.95 on Monday. The firm has a market capitalization of $15.13 billion, a PE ratio of 30.34, a P/E/G ratio of 3.12 and a beta of 0.71. The stock's 50 day moving average is $87.31 and its 200 day moving average is $87.71. UL Solutions Inc. has a twelve month low of $61.64 and a twelve month high of $107.54. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

UL Solutions (NYSE:ULS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. UL Solutions had a return on equity of 28.81% and a net margin of 16.02%.The business had revenue of $816.00 million during the quarter, compared to analyst estimates of $813.62 million. The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. Research analysts forecast that UL Solutions Inc. will post 2.08 earnings per share for the current fiscal year.

UL Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 31st will be paid a $0.145 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.58 dividend on an annualized basis and a yield of 0.8%. UL Solutions's payout ratio is presently 23.48%.

Insider Activity at UL Solutions

In other news, CEO Jennifer F. Scanlon sold 12,500 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $92.08, for a total transaction of $1,151,000.00. Following the sale, the chief executive officer owned 151,724 shares in the company, valued at $13,970,745.92. This represents a 7.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gitte Schjotz sold 9,865 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $96.98, for a total value of $956,707.70. Following the sale, the insider owned 59,341 shares in the company, valued at approximately $5,754,890.18. This represents a 14.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 47,605 shares of company stock valued at $4,616,835. 1.20% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source