Allspring Global Investments Holdings LLC Has $6.13 Million Holdings in Zurn Elkay Water Solutions Cor $ZWS

Allspring Global Investments Holdings LLC increased its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 73.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,827 shares of the company’s stock after purchasing an additional 55,490 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.08% of Zurn Elkay Water Solutions Cor worth $6,129,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Invesco Ltd. grew its stake in Zurn Elkay Water Solutions Cor by 3.5% in the third quarter. Invesco Ltd. now owns 5,944,518 shares of the company’s stock valued at $279,571,000 after acquiring an additional 201,299 shares during the period. State Street Corp grew its stake in Zurn Elkay Water Solutions Cor by 0.6% in the second quarter. State Street Corp now owns 5,381,619 shares of the company’s stock valued at $196,806,000 after acquiring an additional 30,483 shares during the period. Beck Mack & Oliver LLC grew its stake in Zurn Elkay Water Solutions Cor by 3.7% in the second quarter. Beck Mack & Oliver LLC now owns 3,706,347 shares of the company’s stock valued at $135,541,000 after acquiring an additional 133,478 shares during the period. Alliancebernstein L.P. grew its stake in Zurn Elkay Water Solutions Cor by 1,714.8% in the third quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company’s stock valued at $158,478,000 after acquiring an additional 3,184,048 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Zurn Elkay Water Solutions Cor by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,562,543 shares of the company’s stock valued at $120,515,000 after acquiring an additional 32,381 shares during the period. 83.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO David J. Pauli sold 7,639 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $51.80, for a total transaction of $395,700.20. Following the completion of the transaction, the chief financial officer directly owned 66,807 shares of the company’s stock, valued at approximately $3,460,602.60. This represents a 10.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd A. Adams sold 275,050 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $51.78, for a total value of $14,242,089.00. Following the transaction, the chief executive officer directly owned 2,256,684 shares of the company’s stock, valued at $116,851,097.52. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 599,259 shares of company stock valued at $31,225,361. Corporate insiders own 2.40% of the company’s stock.

Zurn Elkay Water Solutions Cor Stock Up 0.3%

ZWS stock opened at $45.16 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.13 and a quick ratio of 2.07. The stock has a market capitalization of $7.57 billion, a P/E ratio of 39.27, a P/E/G ratio of 1.88 and a beta of 1.07. The business has a 50-day moving average of $48.00 and a 200-day moving average of $47.28. Zurn Elkay Water Solutions Cor has a fifty-two week low of $27.74 and a fifty-two week high of $53.17.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.02. The company had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $400.75 million. Zurn Elkay Water Solutions Cor had a return on equity of 16.54% and a net margin of 11.68%.Zurn Elkay Water Solutions Cor’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, sell-side analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $0.44 annualized dividend and a yield of 1.0%. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 38.26%.

Analysts Set New Price Targets

ZWS has been the subject of a number of research analyst reports. Stifel Nicolaus set a $59.00 target price on Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. Jefferies Financial Group initiated coverage on Zurn Elkay Water Solutions Cor in a research note on Friday, December 12th. They issued a “buy” rating and a $58.00 target price for the company. Royal Bank Of Canada boosted their target price on Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the company a “sector perform” rating in a research note on Thursday, February 5th. Zacks Research cut Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Zurn Elkay Water Solutions Cor presently has a consensus rating of “Hold” and an average price target of $51.63.

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.