Bank of New York Mellon Corp Invests $55.21 Million in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Bank of New York Mellon acquired a $55.21 million stake in Zurn Elkay Water Solutions, purchasing 1.09 million shares and owning approximately 0.66% of the company. Institutional investors collectively own 83.33% of ZWS.
• Zurn Elkay reported quarterly EPS of $0.50, beating estimates by $0.03, while revenue reached $491 million, up 10.5% year over year and above expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $57.22 price target; the company also declared a quarterly dividend of $0.11 per share.

Bank of New York Mellon Corp bought a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,092,566 shares of the company's stock, valued at approximately $55,207,000. Bank of New York Mellon Corp owned 0.66% of Zurn Elkay Water Solutions Cor at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ZWS. Advisory Services Network LLC purchased a new stake in Zurn Elkay Water Solutions Cor in the 3rd quarter worth approximately $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Zurn Elkay Water Solutions Cor in the 4th quarter worth about $35,000. Hantz Financial Services Inc. grew its position in Zurn Elkay Water Solutions Cor by 138.9% during the fourth quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock valued at $37,000 after acquiring an additional 468 shares during the last quarter. Assetmark Inc. lifted its stake in shares of 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 acquiring an additional 292 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Zurn Elkay Water Solutions Cor by 507.5% during the 3rd quarter. Allworth Financial LP now owns 978 shares of the company's stock valued at $46,000 after buying an additional 817 shares during the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ZWS shares. Stifel Nicolaus upped their price target on shares of Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada lifted their target price on 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. Robert W. Baird set a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, July 30th. The Goldman Sachs Group restated a "neutral" rating and issued a $55.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Finally, Zacks Research raised shares of Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Zurn Elkay Water Solutions Cor currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.22.

Zurn Elkay Water Solutions Cor Stock Performance

ZWS stock opened at $49.13 on Thursday. Zurn Elkay Water Solutions Cor has a one year low of $43.06 and a one year high of $55.00. The firm has a 50-day simple moving average of $49.47 and a two-hundred day simple moving average of $48.82. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.05. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 1.79 and a beta of 1.04.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million for the quarter, compared to analyst estimates of $483.04 million. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.The firm's quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. On average, equities 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is presently 27.16%.

Insider Activity at Zurn Elkay Water Solutions Cor

In related news, Director Jacques Donavon Butler purchased 2,016 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were acquired at an average price of $49.60 per share, for a total transaction of $99,993.60. Following the purchase, the director owned 37,487 shares of the company's stock, valued at $1,859,355.20. This trade represents a 5.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.40% of the stock is owned by insiders.

Zurn Elkay Water Solutions Cor 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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