Zurn Elkay Water Solutions Cor $ZWS Stock Position Cut by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 15.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,658 shares of the company’s stock after selling 11,817 shares during the period. Texas Permanent School Fund Corp’s holdings in Zurn Elkay Water Solutions Cor were worth $2,291,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Zurn Elkay Water Solutions Cor during the second quarter valued at approximately $64,266,000. Zimmer Partners LP bought a new position in Zurn Elkay Water Solutions Cor during the 1st quarter valued at $50,344,000. Impax Asset Management Group plc increased its position in shares of Zurn Elkay Water Solutions Cor by 22.8% during the 2nd 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 during the period. Ameriprise Financial Inc. increased its position in shares of Zurn Elkay Water Solutions Cor by 74.1% during the 1st quarter. Ameriprise Financial Inc. now owns 1,715,496 shares of the company’s stock valued at $56,577,000 after purchasing an additional 729,920 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 6.4% in the second quarter. First Trust Advisors LP now owns 2,708,441 shares of the company’s stock valued at $99,048,000 after buying an additional 162,080 shares during the period. 83.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Timothy J. Jahnke sold 7,461 shares of the firm’s stock in a transaction 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 completion of the sale, the director owned 162,000 shares of the company’s stock, valued at $7,695,000. This trade represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 20,100 shares of company stock valued at $960,105 in the last ninety days. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ZWS. Stifel Nicolaus lifted their target price on Zurn Elkay Water Solutions Cor from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Zacks Research raised shares of Zurn Elkay Water Solutions Cor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 11th. Mizuho set a $49.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, October 30th. The Goldman Sachs Group restated a “neutral” rating on shares of 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 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Zurn Elkay Water Solutions Cor currently has an average rating of “Moderate Buy” and a consensus target price of $45.00.

Zurn Elkay Water Solutions Cor Price Performance

ZWS stock opened at $47.42 on Monday. Zurn Elkay Water Solutions Cor has a one year low of $27.74 and a one year high of $50.03. The firm has a 50-day moving average of $46.88 and a two-hundred day moving average of $43.76. The firm has a market capitalization of $7.94 billion, a PE ratio of 42.34, a P/E/G ratio of 2.25 and a beta of 1.08. The company has a current ratio of 2.78, a quick ratio of 1.83 and a debt-to-equity ratio of 0.31.

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

Zurn Elkay Water Solutions Cor Increases Dividend

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

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.