Bank of America Corp DE Reduces Holdings in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Bank of America reduced its ZWS holdings by 6.5%, selling 391,302 shares and retaining 5.62 million shares valued at approximately $252 million. Institutional investors collectively own 83.33% of Zurn Elkay Water Solutions.
• Analysts maintain a “Moderate Buy” consensus, with five Buy ratings and four Holds and an average price target of $57.22, above the stock’s reported $51.15 price.
• Zurn Elkay exceeded quarterly expectations, reporting $0.50 EPS and $491 million in revenue, with revenue up 10.5% year over year. The company also declared a quarterly dividend of $0.11 per share, implying a 0.9% annual yield.

Bank of America Corp DE lessened its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 6.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,620,799 shares of the company's stock after selling 391,302 shares during the period. Bank of America Corp DE owned 3.37% of Zurn Elkay Water Solutions Cor worth $252,037,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Invesco Ltd. lifted its stake in Zurn Elkay Water Solutions Cor by 3.5% in the 3rd quarter. Invesco Ltd. now owns 5,944,518 shares of the company's stock valued at $279,571,000 after buying an additional 201,299 shares in the last quarter. State Street Corp lifted its position in shares of 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Zurn Elkay Water Solutions Cor by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company's stock valued at $164,716,000 after acquiring an additional 15,232 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Zurn Elkay Water Solutions Cor by 51.9% during the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company's stock valued at $153,591,000 after acquiring an additional 1,128,917 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Zurn Elkay Water Solutions Cor by 6.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,748,690 shares of the company's stock valued at $127,787,000 after acquiring an additional 162,065 shares during the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $55.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Wednesday, July 29th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a report on Friday, July 24th. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Finally, Robert W. Baird set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.22.

Zurn Elkay Water Solutions Cor Stock Performance

NYSE ZWS opened at $51.15 on Tuesday. The business's 50-day moving average price is $48.58 and its 200 day moving average price is $48.45. Zurn Elkay Water Solutions Cor has a twelve month low of $43.06 and a twelve month high of $55.00. The company has a market capitalization of $8.48 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.30.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.The firm had revenue of $491.00 million for the quarter, compared to analyst estimates of $483.04 million. During the same period last year, the company earned $0.42 EPS. The firm's quarterly revenue was up 10.5% on a year-over-year basis. On average, research analysts predict that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Thursday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 27.16%.

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.

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