Bank of America Corp DE Takes $278.16 Million Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Bank of America acquired 5.50 million shares of Zurn Elkay Water Solutions, worth approximately $278.2 million, giving it a 3.32% stake. Institutional investors collectively own 83.33% of the company.
• Zurn Elkay reported better-than-expected quarterly results, with earnings of $0.50 per share and revenue of $491 million, up 10.5% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $57.44 versus its recent price of $45.95.

Bank of America Corp DE bought a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,504,857 shares of the company's stock, valued at approximately $278,160,000. Bank of America Corp DE owned approximately 3.32% of Zurn Elkay Water Solutions Cor at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kilter Group LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor in the second quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in Zurn Elkay Water Solutions Cor during the 2nd quarter valued at $27,000. Hantz Financial Services Inc. boosted its holdings in Zurn Elkay Water Solutions Cor by 138.9% in the 4th quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock valued at $37,000 after purchasing an additional 468 shares during the period. Assetmark Inc. boosted its holdings in Zurn Elkay Water Solutions Cor by 53.0% in the 1st quarter. Assetmark Inc. now owns 843 shares of the company's stock valued at $38,000 after purchasing an additional 292 shares during the period. Finally, Vega Investment Solutions acquired a new stake in Zurn Elkay Water Solutions Cor in the 2nd quarter worth $51,000. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Zurn Elkay Water Solutions Cor news, Director Jacques Butler purchased 2,016 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was purchased at an average cost of $49.60 per share, with a total value of $99,993.60. Following the acquisition, the director directly owned 37,487 shares of the company's stock, valued at approximately $1,859,355.20. This trade represents a 5.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by company insiders.

Zurn Elkay Water Solutions Cor Price Performance

Zurn Elkay Water Solutions Cor stock opened at $45.95 on Thursday. The business has a 50 day simple moving average of $48.73 and a 200 day simple moving average of $48.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.05 and a quick ratio of 2.13. The company has a market capitalization of $7.62 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 1.69 and a beta of 1.02. Zurn Elkay Water Solutions Cor has a one year low of $43.06 and a one year high of $55.00.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, beating 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 analysts' expectations of $483.04 million. During the same period in the prior year, the business posted $0.42 earnings per share. The business's revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that Zurn Elkay Water Solutions Cor will post 1.82 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Thursday, August 20th were given a dividend of $0.11 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.44 dividend on an annualized basis and a yield of 1.0%. Zurn Elkay Water Solutions Cor's dividend payout ratio is 27.16%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $58.00 and gave the stock a "sector perform" rating in a report on Thursday, July 30th. The Goldman Sachs Group reissued a "neutral" rating and set a $55.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Stifel Nicolaus boosted their price target on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Oppenheimer upped their price target on Zurn Elkay Water Solutions Cor from $58.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Finally, Zacks Research raised Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.44.

About Zurn Elkay Water Solutions Cor

Zurn Elkay Water Solutions Corporation NYSE: ZWS is a water solutions company that designs, manufactures and supplies products used to manage, conserve, control and promote the safe use of water. Its offerings serve commercial, institutional, industrial and residential applications across plumbing, drainage and water-management systems.

The company's product portfolio includes plumbing fixtures and fittings, commercial faucets, flush valves, showers, drains, roof and floor drainage products, backflow-prevention devices, water-quality and filtration systems, drinking-water products, and related accessories.

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