Edgestream Partners L.P. Takes $1.19 Million Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Edgestream Partners L.P. acquired 26,508 ZWS shares worth approximately $1.19 million in the first quarter. Institutional investors collectively own 83.33% of Zurn Elkay Water Solutions.
• Analysts maintain a generally positive outlook, with five Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $57.22.
• Zurn Elkay exceeded quarterly expectations, reporting $0.50 EPS versus $0.47 expected and $491 million in revenue, up 10.5% year over year. The company also announced a quarterly dividend of $0.11 per share.

Edgestream Partners L.P. acquired a new position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 26,508 shares of the company's stock, valued at approximately $1,189,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new position in Zurn Elkay Water Solutions Cor in the third quarter valued at about $25,000. V Square Quantitative Management LLC acquired a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter worth about $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 4th quarter valued at about $35,000. Hantz Financial Services Inc. increased its stake in shares of 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 acquiring an additional 468 shares during the last quarter. Finally, Assetmark Inc. raised its position 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 period. Institutional investors own 83.33% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ZWS. Stifel Nicolaus boosted 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 report on Thursday. Royal Bank Of Canada increased their target price 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. Barclays boosted their price target 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. The Goldman Sachs Group restated a "neutral" rating and issued a $55.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $57.22.

Zurn Elkay Water Solutions Cor Price Performance

NYSE ZWS opened at $51.15 on Tuesday. The business has a 50 day simple moving average of $48.58 and a 200 day simple moving average of $48.45. Zurn Elkay Water Solutions Cor has a 52-week low of $43.06 and a 52-week high of $55.00. 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 stock has a market cap of $8.48 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 1.91 and a beta of 1.04.

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. The firm 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 revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Analysts anticipate 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 business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 27.16%.

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.

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