Bank of America Corp DE Sells 143,725 Shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Bank of America Corp DE trimmed its holdings in Zurn Elkay Water Solutions Co. (NYSE:ZWS - Free Report) by 2.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,216,447 shares of the company's stock after selling 143,725 shares during the quarter. Bank of America Corp DE owned about 4.25% of Zurn Elkay Water Solutions worth $269,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. First Trust Advisors LP grew its stake in shares of Zurn Elkay Water Solutions by 184.0% in the 4th quarter. First Trust Advisors LP now owns 3,556,599 shares of the company's stock valued at $132,661,000 after buying an additional 2,304,285 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Zurn Elkay Water Solutions during the fourth quarter worth approximately $80,457,000. Norges Bank bought a new stake in Zurn Elkay Water Solutions during the fourth quarter worth approximately $61,412,000. Invesco Ltd. boosted its position in Zurn Elkay Water Solutions by 26.8% during the fourth quarter. Invesco Ltd. now owns 5,880,302 shares of the company's stock worth $219,335,000 after purchasing an additional 1,242,642 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Zurn Elkay Water Solutions by 49.6% during the third quarter. Principal Financial Group Inc. now owns 2,619,953 shares of the company's stock worth $94,161,000 after purchasing an additional 868,748 shares during the period. 83.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ZWS shares. Stifel Nicolaus raised their price target on Zurn Elkay Water Solutions from $34.00 to $39.00 and gave the company a "buy" rating in a research report on Thursday, April 24th. BNP Paribas lowered Zurn Elkay Water Solutions from an "outperform" rating to a "neutral" rating and set a $29.00 target price for the company. in a research note on Wednesday, April 9th. Robert W. Baird cut their price target on shares of Zurn Elkay Water Solutions from $42.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group dropped their price objective on Zurn Elkay Water Solutions from $39.00 to $34.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Zurn Elkay Water Solutions presently has an average rating of "Hold" and a consensus price target of $36.43.

Zurn Elkay Water Solutions Price Performance

ZWS traded up $0.28 on Tuesday, reaching $37.48. The stock had a trading volume of 122,768 shares, compared to its average volume of 1,064,895. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 40.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.02. The firm has a 50-day moving average of $32.60 and a 200-day moving average of $36.07. The company has a current ratio of 2.91, a quick ratio of 1.81 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Co. has a fifty-two week low of $27.74 and a fifty-two week high of $41.15.

Zurn Elkay Water Solutions (NYSE:ZWS - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. The company had revenue of $388.80 million during the quarter, compared to analysts' expectations of $383.87 million. Zurn Elkay Water Solutions had a return on equity of 14.03% and a net margin of 10.23%. During the same quarter in the prior year, the firm posted $0.29 earnings per share. As a group, sell-side analysts anticipate that Zurn Elkay Water Solutions Co. will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Tuesday, May 20th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $0.36 annualized dividend and a yield of 0.96%. Zurn Elkay Water Solutions's payout ratio is currently 36.36%.

Insiders Place Their Bets

In related news, major shareholder Aimee Katz sold 8,912,500 shares of Zurn Elkay Water Solutions stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $33.60, for a total transaction of $299,460,000.00. Following the completion of the sale, the insider now owns 15,002,819 shares of the company's stock, valued at approximately $504,094,718.40. This trade represents a 37.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David J. Pauli sold 8,390 shares of Zurn Elkay Water Solutions stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $35.47, for a total value of $297,593.30. Following the completion of the transaction, the chief financial officer now owns 59,410 shares in the company, valued at approximately $2,107,272.70. This represents a 12.37% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Zurn Elkay Water Solutions Company Profile

Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water safety and control products, such as backflow preventers, fire system valves, pressure reducing valves, thermostatic mixing valves, PEX pipings, fittings, and installation tools under the Zurn and Wilkins brand names.