Point72 Asset Management L.P. Takes $12.23 Million Position in UL Solutions Inc. (NYSE:ULS)

Point72 Asset Management L.P. purchased a new stake in UL Solutions Inc. (NYSE:ULS - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 247,982 shares of the company's stock, valued at approximately $12,225,000. Point72 Asset Management L.P. owned approximately 0.12% of UL Solutions at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. acquired a new position in shares of UL Solutions in the 3rd quarter worth approximately $12,705,000. Port Capital LLC bought a new stake in UL Solutions during the third quarter valued at $25,675,000. Maven Securities LTD acquired a new stake in shares of UL Solutions during the third quarter worth $4,930,000. Harvey Partners LLC lifted its position in shares of UL Solutions by 31.4% in the 3rd quarter. Harvey Partners LLC now owns 261,500 shares of the company's stock worth $12,892,000 after buying an additional 62,500 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in shares of UL Solutions in the 3rd quarter valued at about $2,861,000.

UL Solutions Price Performance

Shares of UL Solutions stock traded down $0.29 during midday trading on Friday, hitting $53.35. The company's stock had a trading volume of 522,335 shares, compared to its average volume of 571,956. UL Solutions Inc. has a 1-year low of $33.15 and a 1-year high of $59.23. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a 50-day simple moving average of $52.15 and a 200-day simple moving average of $48.33.

UL Solutions (NYSE:ULS - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.10. The company had revenue of $731.00 million for the quarter, compared to analysts' expectations of $709.41 million. UL Solutions had a return on equity of 40.88% and a net margin of 10.76%. The business's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities research analysts predict that UL Solutions Inc. will post 1.53 EPS for the current year.

UL Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Friday, November 29th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.94%. The ex-dividend date is Friday, November 29th.

Wall Street Analysts Forecast Growth

ULS has been the subject of a number of recent research reports. Robert W. Baird upped their price objective on UL Solutions from $53.00 to $57.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Citigroup began coverage on shares of UL Solutions in a research report on Monday, October 7th. They issued a "buy" rating and a $60.00 price objective on the stock. The Goldman Sachs Group raised their price target on shares of UL Solutions from $45.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. UBS Group boosted their price objective on UL Solutions from $52.00 to $54.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company raised their target price on UL Solutions from $56.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $49.00.

Insider Transactions at UL Solutions

In other 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 transaction was disclosed in a filing with the SEC, which is accessible through this link.

UL Solutions Company Profile

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.