Zurn Elkay Water Solutions Cor (NYSE:ZWS) Shares Down 5.8% – Here’s Why

Zurn Elkay Water Solutions Cor (NYSE:ZWS) dropped 5.8% during trading on Thursday . The company traded as low as $45.79 and last traded at $45.9560. Approximately 343,500 shares changed hands during trading, a decline of 67% from the average daily volume of 1,046,361 shares. The stock had previously closed at $48.80.

Analyst Ratings Changes

Several equities analysts recently weighed in on ZWS shares. Robert W. Baird reduced their price target on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, April 23rd. Weiss Ratings upgraded 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. Royal Bank Of Canada increased their price objective on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a report on Thursday, April 23rd. Stifel Nicolaus boosted their target price on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.88.

Zurn Elkay Water Solutions Cor Stock Up 0.0%

The company has a market capitalization of $7.85 billion, a PE ratio of 37.91, a PEG ratio of 1.86 and a beta of 1.11. 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 is $48.05 and its 200 day moving average is $47.90.

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

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be given a $0.11 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. Zurn Elkay Water Solutions Cor’s payout ratio is 35.48%.

Institutional Trading of Zurn Elkay Water Solutions Cor

A number of institutional investors have recently added to or reduced their stakes in ZWS. Cim Investment Management Inc. boosted its stake in Zurn Elkay Water Solutions Cor by 29.7% in the 1st quarter. Cim Investment Management Inc. now owns 6,041 shares of the company’s stock worth $271,000 after purchasing an additional 1,384 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the first quarter worth about $1,189,000. Arkadios Wealth Advisors purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the first quarter worth about $2,076,000. Smith Group Asset Management LLC bought a new position in shares of Zurn Elkay Water Solutions Cor in the first quarter valued at approximately $1,724,000. Finally, EverSource Wealth Advisors LLC grew its stake in Zurn Elkay Water Solutions Cor by 52.6% during the first quarter. EverSource Wealth Advisors LLC now owns 5,584 shares of the company’s stock valued at $250,000 after acquiring an additional 1,924 shares in the last quarter. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Cor Company Profile

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.