BlackRock Inc. Buys Shares of 24,566,503 Zurn Elkay Water Solutions Cor $ZWS

Key Points

• BlackRock acquired 24.6 million Zurn Elkay Water Solutions shares during the second quarter, valued at approximately $1.24 billion and representing 14.81% of the company. Institutional investors collectively own 83.33% of ZWS.
• ZWS shares opened at $48.88, down 1.4%, while the company reported quarterly EPS of $0.50 and revenue of $491 million—beating analyst estimates and reflecting 10.5% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.11, equivalent to an annualized $0.44 payout and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $57.22.

BlackRock Inc. bought a new stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,566,503 shares of the company's stock, valued at approximately $1,241,345,000. BlackRock Inc. owned about 14.81% of Zurn Elkay Water Solutions Cor at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new stake in Zurn Elkay Water Solutions Cor in the third quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter worth approximately $35,000. Hantz Financial Services Inc. grew its position in shares of Zurn Elkay Water Solutions Cor by 138.9% during the 4th quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock worth $37,000 after buying an additional 468 shares during the period. Assetmark Inc. grew its position in shares of Zurn Elkay Water Solutions Cor by 53.0% during the 1st quarter. Assetmark Inc. now owns 843 shares of the company's stock worth $38,000 after buying an additional 292 shares during the period. Finally, Allworth Financial LP increased its stake in shares of Zurn Elkay Water Solutions Cor by 507.5% in the 3rd quarter. Allworth Financial LP now owns 978 shares of the company's stock valued at $46,000 after acquiring an additional 817 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors.

Zurn Elkay Water Solutions Cor Stock Down 1.4%

Shares of NYSE:ZWS opened at $48.88 on Friday. The business's 50 day moving average is $49.45 and its 200 day moving average is $48.83. Zurn Elkay Water Solutions Cor has a 12-month low of $43.06 and a 12-month high of $55.00. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of 30.17, a PEG ratio of 1.88 and a beta of 1.04. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.30.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $491.00 million during 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%.Zurn Elkay Water Solutions Cor's quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. On average, sell-side analysts forecast that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

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

Analyst Ratings Changes

Several research firms have weighed in on ZWS. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a research note 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. Oppenheimer restated an "outperform" rating and issued a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Barclays boosted their target price on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Stifel Nicolaus upped their price target on 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. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.22.

About Zurn Elkay Water Solutions Cor

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source