Arrowstreet Capital Limited Partnership Raises Stock Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Arrowstreet Capital increased its ZWS position by 4,236.7% in the first quarter, acquiring 445,323 additional shares for a total holding of 455,834 shares valued at approximately $20.4 million. Institutional investors collectively own 83.33% of the company.
• Zurn Elkay Water Solutions reported quarterly EPS of $0.50, exceeding estimates of $0.47, while revenue rose 10.5% year over year to $491 million. The company also declared a quarterly dividend of $0.11 per share, equivalent to a 0.9% yield.
• Analysts maintain a generally positive view, with five Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $57.00, versus a recent share price of $50.13.

Arrowstreet Capital Limited Partnership raised its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 4,236.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 455,834 shares of the company's stock after purchasing an additional 445,323 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.27% of Zurn Elkay Water Solutions Cor worth $20,440,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ZWS. Norges Bank acquired a new stake in Zurn Elkay Water Solutions Cor during the fourth quarter worth $111,341,000. First Trust Advisors LP raised its position in Zurn Elkay Water Solutions Cor by 51.9% in the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company's stock valued at $153,591,000 after purchasing an additional 1,128,917 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Zurn Elkay Water Solutions Cor by 78.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company's stock valued at $42,161,000 after purchasing an additional 399,180 shares during the last quarter. UBS Group AG lifted its stake in shares of Zurn Elkay Water Solutions Cor by 157.0% in the 3rd quarter. UBS Group AG now owns 479,166 shares of the company's stock valued at $22,535,000 after purchasing an additional 292,747 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Zurn Elkay Water Solutions Cor by 18,251.2% during the 4th quarter. Federated Hermes Inc. now owns 280,223 shares of the company's stock worth $13,028,000 after purchasing an additional 278,696 shares during the period. Hedge funds and other institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

Zurn Elkay Water Solutions Cor stock opened at $50.13 on Friday. The firm has a market cap of $8.31 billion, a PE ratio of 30.95, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 52-week low of $42.39 and a 52-week high of $55.00. The company has a quick ratio of 2.11, a current ratio of 3.05 and a debt-to-equity ratio of 0.30. The company's 50 day moving average is $48.47 and its two-hundred day moving average is $48.38.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million during the quarter, compared to analysts' expectations of $483.04 million. Zurn Elkay Water Solutions Cor had a net margin of 15.45% and a return on equity of 18.01%. The firm's revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS. On average, research analysts expect that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor's payout ratio is presently 35.48%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ZWS shares. The Goldman Sachs Group reissued a "neutral" rating and set a $55.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday. Royal Bank Of Canada upped their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $58.00 and gave the company a "sector perform" rating in a research report on Thursday. Barclays assumed coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Tuesday, June 30th. They set an "overweight" rating and a $59.00 target price for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a research report on Friday, July 24th. Finally, UBS Group set a $56.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $57.00.

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.

Want to see what other hedge funds are holding ZWS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.