Principal Financial Group Inc. Sells 23,930 Shares of Zurn Elkay Water Solutions Cor $ZWS

Principal Financial Group Inc. reduced its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 2.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 841,673 shares of the company’s stock after selling 23,930 shares during the period. Principal Financial Group Inc.’s holdings in Zurn Elkay Water Solutions Cor were worth $37,741,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Empowered Funds LLC bought a new position in shares of Zurn Elkay Water Solutions Cor in the 1st quarter valued at about $277,000. Woodline Partners LP bought a new stake in Zurn Elkay Water Solutions Cor during the first quarter worth approximately $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Zurn Elkay Water Solutions Cor by 5.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company’s stock valued at $16,127,000 after purchasing an additional 24,348 shares during the period. American Century Companies Inc. lifted its stake in shares of Zurn Elkay Water Solutions Cor by 3.8% in the 2nd quarter. American Century Companies Inc. now owns 48,161 shares of the company’s stock valued at $1,761,000 after purchasing an additional 1,768 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Zurn Elkay Water Solutions Cor by 4.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company’s stock valued at $660,000 after purchasing an additional 718 shares during the last quarter. 83.33% of the stock is currently owned by institutional investors.

Zurn Elkay Water Solutions Cor Trading Down 1.3%

ZWS opened at $47.75 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.11 and a current ratio of 3.24. The stock’s 50 day moving average price is $48.43 and its 200-day moving average price is $48.23. Zurn Elkay Water Solutions Cor has a one year low of $36.59 and a one year high of $53.76. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 38.50, a P/E/G ratio of 1.89 and a beta of 1.04.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The firm had revenue of $433.00 million during the quarter, compared to analyst estimates of $418.99 million. During the same period last year, the company earned $0.31 EPS. Zurn Elkay Water Solutions Cor’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, equities analysts forecast that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, May 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is 35.48%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ZWS. Robert W. Baird dropped their target price on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 23rd. Stifel Nicolaus raised their price target on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Finally, Weiss Ratings raised shares of Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.33.

About Zurn Elkay Water Solutions Cor

Zurn Elkay Water Solutions Corp, trading on the NYSE under the ticker ZWS, is a global provider of water delivery and plumbing products. The company was established in October 2022 through a spin-off from Rexnord Corp, creating a standalone business focused on designing, manufacturing and marketing water system components for residential, commercial and industrial customers.

Through its Zurn segment, the company offers solutions for water delivery, drainage and waste evacuation. Product lines include valves, hydrants, backflow prevention devices, piping systems, fittings and commercial waste stations.