Zurn Elkay Water Solutions Cor (NYSE:ZWS) Now Covered by Royal Bank Of Canada

Royal Bank Of Canada initiated coverage on shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) in a research report sent to investors on Monday, MarketBeat Ratings reports. The brokerage issued a hold rating and a $49.00 price objective on the stock.

A number of other research firms have also recently issued reports on ZWS. Zacks Research cut Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. Oppenheimer set a $53.00 price objective on Zurn Elkay Water Solutions Cor and gave the company an “outperform” rating in a research note on Friday, October 31st. Mizuho set a $49.00 price target on Zurn Elkay Water Solutions Cor in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.50.

Zurn Elkay Water Solutions Cor Trading Down 0.8%

NYSE:ZWS opened at $46.37 on Monday. Zurn Elkay Water Solutions Cor has a 52 week low of $27.74 and a 52 week high of $50.03. The firm has a 50-day moving average price of $47.12 and a two-hundred day moving average price of $44.73. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 41.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.83 and a current ratio of 2.78.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last announced its earnings results on Tuesday, October 28th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. Zurn Elkay Water Solutions Cor had a return on equity of 16.26% and a net margin of 11.59%.The firm had revenue of $455.40 million during the quarter, compared to analyst estimates of $442.62 million. During the same period last year, the firm posted $0.34 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Thursday, November 20th were paid a $0.11 dividend. The ex-dividend date was Thursday, November 20th. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. This is an increase from Zurn Elkay Water Solutions Cor’s previous quarterly dividend of $0.09. Zurn Elkay Water Solutions Cor’s payout ratio is currently 39.29%.

Insider Buying and Selling at Zurn Elkay Water Solutions Cor

In related news, Director Timothy J. Jahnke sold 7,461 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $47.50, for a total value of $354,397.50. Following the transaction, the director owned 162,000 shares of the company’s stock, valued at $7,695,000. This represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 20,100 shares of company stock worth $960,105 over the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Zurn Elkay Water Solutions Cor

Large investors have recently made changes to their positions in the business. Alliancebernstein L.P. increased its stake in shares of Zurn Elkay Water Solutions Cor by 1,714.8% during the third quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company’s stock worth $158,478,000 after purchasing an additional 3,184,048 shares in the last quarter. Norges Bank purchased a new position in shares of Zurn Elkay Water Solutions Cor in the second quarter valued at approximately $64,266,000. Impax Asset Management Group plc grew its holdings in shares of Zurn Elkay Water Solutions Cor by 22.8% in the second quarter. Impax Asset Management Group plc now owns 4,933,224 shares of the company’s stock valued at $180,408,000 after purchasing an additional 916,850 shares in the last quarter. MAI Capital Management lifted its holdings in Zurn Elkay Water Solutions Cor by 120,771.6% during the 3rd quarter. MAI Capital Management now owns 293,718 shares of the company’s stock worth $13,814,000 after buying an additional 293,475 shares in the last quarter. Finally, UBS Group AG boosted its stake in shares of Zurn Elkay Water Solutions Cor by 157.0% in the 3rd quarter. UBS Group AG now owns 479,166 shares of the company’s stock valued at $22,535,000 after buying an additional 292,747 shares during the period. 83.33% of the stock is owned by hedge funds and other institutional investors.

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.