KeyCorp Comments on Zurn Elkay Water Solutions Co.’s Q3 2022 Earnings (NYSE:ZWS)

Zurn Elkay Water Solutions Co. (NYSE:ZWSGet Rating) – Stock analysts at KeyCorp decreased their Q3 2022 EPS estimates for Zurn Elkay Water Solutions in a research report issued to clients and investors on Tuesday, July 26th. KeyCorp analyst J. Hammond now anticipates that the company will earn $0.26 per share for the quarter, down from their previous forecast of $0.34. KeyCorp has a “Overweight” rating and a $34.00 price target on the stock. The consensus estimate for Zurn Elkay Water Solutions’ current full-year earnings is $1.12 per share. KeyCorp also issued estimates for Zurn Elkay Water Solutions’ Q4 2022 earnings at $0.25 EPS, FY2022 earnings at $1.00 EPS and FY2023 earnings at $1.30 EPS.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus began coverage on shares of Zurn Elkay Water Solutions in a report on Wednesday, June 29th. They set a “buy” rating and a $34.00 price target for the company. Robert W. Baird lowered their target price on shares of Zurn Elkay Water Solutions from $38.00 to $34.00 in a research report on Wednesday. Mizuho lowered their target price on shares of Zurn Elkay Water Solutions from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, June 2nd. Finally, The Goldman Sachs Group lowered their target price on shares of Zurn Elkay Water Solutions from $39.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, June 23rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Zurn Elkay Water Solutions currently has a consensus rating of “Buy” and an average price target of $35.67.

Zurn Elkay Water Solutions Trading Up 5.3 %

NYSE ZWS opened at $29.85 on Thursday. The stock has a market capitalization of $3.76 billion, a P/E ratio of 36.40, a P/E/G ratio of 1.38 and a beta of 1.35. Zurn Elkay Water Solutions has a 52-week low of $25.90 and a 52-week high of $38.31. The firm has a 50-day moving average price of $28.61 and a 200 day moving average price of $31.32. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 2.75.

Zurn Elkay Water Solutions (NYSE:ZWSGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. Zurn Elkay Water Solutions had a net margin of 6.33% and a return on equity of 22.48%. During the same quarter in the previous year, the company earned $0.58 earnings per share.

Zurn Elkay Water Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 7th. Stockholders of record on Friday, August 19th will be given a $0.07 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This is a positive change from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.03. This represents a $0.28 annualized dividend and a dividend yield of 0.94%. Zurn Elkay Water Solutions’s dividend payout ratio is currently 14.63%.

Insider Activity

In other news, CEO Todd A. Adams sold 19,698 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $27.39, for a total value of $539,528.22. Following the sale, the chief executive officer now directly owns 915,754 shares in the company, valued at $25,082,502.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Todd A. Adams sold 19,698 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $27.39, for a total value of $539,528.22. Following the sale, the chief executive officer now directly owns 915,754 shares in the company, valued at $25,082,502.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Donavon Butler purchased 8,660 shares of the stock in a transaction dated Friday, May 6th. The stock was acquired at an average price of $28.91 per share, for a total transaction of $250,360.60. Following the completion of the transaction, the director now directly owns 18,443 shares of the company’s stock, valued at $533,187.13. The disclosure for this purchase can be found here. Insiders have sold 28,845 shares of company stock worth $790,065 over the last ninety days. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Zurn Elkay Water Solutions

Institutional investors and hedge funds have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. purchased a new position in shares of Zurn Elkay Water Solutions during the fourth quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in Zurn Elkay Water Solutions during the fourth quarter worth approximately $28,000. Lindbrook Capital LLC raised its stake in Zurn Elkay Water Solutions by 5,992.3% during the first quarter. Lindbrook Capital LLC now owns 792 shares of the company’s stock worth $28,000 after purchasing an additional 779 shares during the period. Point72 Hong Kong Ltd purchased a new position in Zurn Elkay Water Solutions during the first quarter worth approximately $64,000. Finally, Maverick Capital Ltd. purchased a new position in Zurn Elkay Water Solutions during the fourth quarter worth approximately $93,000. Hedge funds and other institutional investors own 98.32% of the company’s stock.

About Zurn Elkay Water Solutions

(Get Rating)

Zurn Elkay Water Solutions Corporation designs, procures, manufactures, and markets water system solutions that provide and enhance water quality, safety, flow control, and conservation in and around non-residential buildings. It offers finish plumbing, drainage and interceptors, water control and backflow, fire protection, PEX pipe fittings and accessories, and repair parts under the Zurn brand name; and hand and hair dryers, and baby changing stations under the World Dryer brand name.

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Earnings History and Estimates for Zurn Elkay Water Solutions (NYSE:ZWS)

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