California State Teachers Retirement System Increases Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• California State Teachers Retirement System increased its Zurn Elkay Water Solutions stake by 21.4% in the first quarter, bringing its holdings to 172,405 shares valued at approximately $7.7 million. Institutional investors and hedge funds collectively own 83.33% of the company.
• Zurn Elkay reported quarterly earnings of $0.50 per share, exceeding the $0.47 analyst consensus, while revenue of $491 million rose 10.5% year over year and also surpassed estimates.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $57.22. The company also declared a quarterly dividend of $0.11 per share, equivalent to a 0.8% annual yield.

California State Teachers Retirement System increased its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 21.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 172,405 shares of the company's stock after buying an additional 30,417 shares during the period. California State Teachers Retirement System owned about 0.10% of Zurn Elkay Water Solutions Cor worth $7,731,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in shares of Zurn Elkay Water Solutions Cor by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,944,518 shares of the company's stock worth $279,571,000 after acquiring an additional 201,299 shares in the last quarter. State Street Corp increased its stake in Zurn Elkay Water Solutions Cor by 0.6% in the 2nd quarter. State Street Corp now owns 5,381,619 shares of the company's stock valued at $196,806,000 after purchasing an additional 30,483 shares in the last quarter. Geode Capital Management LLC increased its stake in Zurn Elkay Water Solutions Cor by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company's stock valued at $164,716,000 after purchasing an additional 15,232 shares in the last quarter. First Trust Advisors LP raised its holdings in 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 worth $153,591,000 after purchasing an additional 1,128,917 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in 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 worth $127,787,000 after purchasing an additional 162,065 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ZWS shares. Stifel Nicolaus increased their price objective on shares of 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a report on Friday, July 24th. Royal Bank Of Canada increased their price target 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, July 30th. 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. Finally, UBS Group set a $56.00 price objective on Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $57.22.

Zurn Elkay Water Solutions Cor Stock Up 3.7%

Shares of Zurn Elkay Water Solutions Cor stock opened at $53.09 on Wednesday. Zurn Elkay Water Solutions Cor has a twelve month low of $43.06 and a twelve month high of $55.00. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of 32.77, a price-to-earnings-growth ratio of 1.94 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. The company has a fifty day moving average price of $48.66 and a 200 day moving average price of $48.49.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 15.45% and a return on equity of 18.01%. The business's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 earnings per share. Equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor's payout ratio is currently 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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