Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Connor Clark & Lunn Investment Management acquired 111,380 shares of Zurn Elkay Water Solutions, worth approximately $5.6 million, joining several other institutions that recently initiated positions. Institutional investors now own 83.33% of the company.
• Zurn Elkay reported quarterly earnings of $0.50 per share, exceeding estimates by $0.03, while revenue rose 10.5% year over year to $491 million. Shares opened at $48.62, below the analyst consensus target of $57.22.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and price targets reaching as high as $62; the company also declared a quarterly dividend of $0.11 per share, representing a 0.9% yield.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 111,380 shares of the company's stock, valued at approximately $5,628,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Zurn Elkay Water Solutions Cor at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ZWS. Globeflex Capital L P purchased a new position in shares of Zurn Elkay Water Solutions Cor in the second quarter worth $2,847,000. Bank of Nova Scotia bought a new position in shares of Zurn Elkay Water Solutions Cor during the second quarter worth $407,000. Elevation Point Wealth Partners LLC purchased a new position in Zurn Elkay Water Solutions Cor during the second quarter valued at $901,000. Northwestern Mutual Wealth Management Co. purchased a new position in Zurn Elkay Water Solutions Cor during the second quarter valued at $27,000. Finally, Quantbot Technologies LP bought a new stake in Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $4,988,000. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Down 1.2%

Shares of NYSE ZWS opened at $48.62 on Friday. Zurn Elkay Water Solutions Cor has a 1 year low of $43.06 and a 1 year high of $55.00. The firm has a 50-day simple moving average of $49.44 and a two-hundred day simple moving average of $48.79. The company has a market cap of $8.06 billion, a P/E ratio of 30.01, a PEG ratio of 1.81 and a beta of 1.04. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.05 and a quick ratio of 2.13.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its 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 firm had revenue of $491.00 million for the quarter, compared to analysts' expectations 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 company's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Research analysts anticipate 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 business 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 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor's payout ratio is 27.16%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Zacks Research upgraded shares of Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Stifel Nicolaus raised their price objective on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Robert W. Baird set a $58.00 target price on Zurn Elkay Water Solutions Cor in a report on Thursday, July 30th. Barclays raised their target price on shares of Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Finally, 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. One investment 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, the company has an average rating of "Moderate Buy" and a consensus target price of $57.22.

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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