Wells Fargo & Company Forecasts Strong Price Appreciation for UL Solutions (NYSE:ULS) Stock

UL Solutions (NYSE:ULS) had its price objective boosted by stock analysts at Wells Fargo & Company from $77.00 to $97.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 13.93% from the company’s current price.

A number of other research analysts have also recently issued reports on ULS. JPMorgan Chase & Co. reissued a “neutral” rating and set a $84.00 price target (up from $70.00) on shares of UL Solutions in a research report on Wednesday. UBS Group lifted their price target on shares of UL Solutions from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of UL Solutions in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $76.43.

UL Solutions Trading Down 2.1%

Shares of ULS traded down $1.82 during trading hours on Wednesday, reaching $85.14. 123,172 shares of the company traded hands, compared to its average volume of 775,789. The company’s fifty day moving average price is $71.49 and its two-hundred day moving average price is $69.61. The company has a market capitalization of $17.10 billion, a price-to-earnings ratio of 52.55 and a beta of 1.05. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.55. UL Solutions has a 12 month low of $48.54 and a 12 month high of $91.95.

UL Solutions (NYSE:ULS) last announced its earnings results on Tuesday, November 4th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. UL Solutions had a net margin of 11.08% and a return on equity of 37.33%. The firm had revenue of $783.00 million for the quarter, compared to analyst estimates of $769.01 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts predict that UL Solutions will post 1.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On UL Solutions

Institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas purchased a new position in shares of UL Solutions during the 1st quarter valued at about $555,000. Bank of New York Mellon Corp lifted its holdings in shares of UL Solutions by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 146,832 shares of the company’s stock worth $8,281,000 after buying an additional 4,200 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of UL Solutions by 3.1% in the first quarter. Envestnet Asset Management Inc. now owns 174,224 shares of the company’s stock worth $9,826,000 after buying an additional 5,239 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of UL Solutions by 169.6% in the first quarter. Victory Capital Management Inc. now owns 84,558 shares of the company’s stock worth $4,769,000 after buying an additional 53,195 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in shares of UL Solutions in the first quarter worth $9,010,000.

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.