Bank of New York Mellon Corp Invests $586,000 in UL Solutions Inc. (NYSE:ULS)

Bank of New York Mellon Corp purchased a new stake in UL Solutions Inc. (NYSE:ULS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,882 shares of the company’s stock, valued at approximately $586,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TFC Financial Management Inc. bought a new stake in UL Solutions during the second quarter worth about $88,000. Hall Laurie J Trustee bought a new stake in shares of UL Solutions during the 2nd quarter worth $2,066,000. Raymond James & Associates acquired a new stake in UL Solutions in the second quarter valued at approximately $9,089,000. Finally, Bellecapital International Ltd. acquired a new position in UL Solutions in the 2nd quarter worth about $208,000.

UL Solutions Stock Performance

Shares of NYSE:ULS opened at $49.29 on Tuesday. UL Solutions Inc. has a 1-year low of $33.15 and a 1-year high of $56.28. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.00. The company’s fifty day moving average is $49.81.

UL Solutions (NYSE:ULS) last released its earnings results on Wednesday, July 31st. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The business had revenue of $730.00 million for the quarter, compared to the consensus estimate of $718.73 million. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, research analysts expect that UL Solutions Inc. will post 1.46 earnings per share 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 given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend was Friday, August 30th.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of UL Solutions from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Wells Fargo & Company lifted their target price on UL Solutions from $43.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Baird R W cut UL Solutions from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 12th. Finally, Robert W. Baird lifted their price objective on UL Solutions from $46.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.90.

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.