Millennium Management LLC Takes $6.47 Million Position in UL Solutions Inc. (NYSE:ULS)

Millennium Management LLC purchased a new stake in UL Solutions Inc. (NYSE:ULS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 153,421 shares of the company’s stock, valued at approximately $6,473,000. Millennium Management LLC owned approximately 0.08% of UL Solutions at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ULS. Massachusetts Financial Services Co. MA acquired a new stake in shares of UL Solutions in the second quarter valued at approximately $96,262,000. American Century Companies Inc. bought a new position in UL Solutions in the second quarter valued at approximately $68,832,000. AltraVue Capital LLC bought a new position in UL Solutions in the second quarter valued at approximately $35,050,000. Conestoga Capital Advisors LLC bought a new position in UL Solutions in the second quarter valued at approximately $29,229,000. Finally, DekaBank Deutsche Girozentrale bought a new position in UL Solutions in the second quarter valued at approximately $25,667,000.

UL Solutions Stock Performance

ULS stock opened at $51.70 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.00. UL Solutions Inc. has a 12-month low of $33.15 and a 12-month high of $56.28. The firm has a fifty day moving average price of $50.90.

UL Solutions (NYSE:ULS) last released its earnings results on Wednesday, July 31st. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. The firm had revenue of $730.00 million during the quarter, compared to analyst estimates of $718.73 million. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Sell-side analysts expect that UL Solutions Inc. will post 1.46 EPS for the current fiscal year.

UL Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Friday, August 30th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.50 annualized dividend and a dividend yield of 0.97%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of UL Solutions from $46.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Citigroup assumed coverage on shares of UL Solutions in a research note on Monday. They issued a “buy” rating and a $60.00 price objective on the stock. Wells Fargo & Company boosted their target price 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. Baird R W cut shares of UL Solutions from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 12th. Finally, The Goldman Sachs Group boosted their target price on shares of UL Solutions from $40.00 to $45.00 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.80.

Insider Activity

In other news, major shareholder Ulse Inc. sold 3,000,000 shares of the company’s stock in a transaction dated 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 SEC, which is accessible through this link.

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.