Fifth Third Bancorp Acquires 96,463 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Fifth Third Bancorp dramatically boosted its stake in Zurn Elkay Water Solutions, increasing holdings by 5,621.4% in the first quarter to 98,179 shares worth about $4.4 million.
• Wall Street sentiment is moderately positive, with five analysts rating the stock a Buy and four a Hold; the consensus price target is $55.33, above the recent trading price of $47.75.
• The company reported solid quarterly results, beating earnings and revenue expectations with $0.41 EPS on $433 million in revenue, while also paying a quarterly dividend of $0.11 per share.

Fifth Third Bancorp lifted its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 5,621.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,179 shares of the company's stock after acquiring an additional 96,463 shares during the period. Fifth Third Bancorp owned approximately 0.06% of Zurn Elkay Water Solutions Cor worth $4,402,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Advisory Services Network LLC bought a new stake in Zurn Elkay Water Solutions Cor in the 3rd 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 approximately $26,000. Kemnay Advisory Services Inc. bought a new position in shares of Zurn Elkay Water Solutions Cor during the fourth quarter worth approximately $35,000. Hantz Financial Services Inc. increased its holdings in shares of 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 worth $37,000 after purchasing an additional 468 shares during the period. Finally, Allworth Financial LP raised its position in shares of Zurn Elkay Water Solutions Cor by 507.5% in the third quarter. Allworth Financial LP now owns 978 shares of the company's stock valued at $46,000 after buying an additional 817 shares in the last quarter. 83.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. UBS Group set a $56.00 price objective on Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Weiss Ratings raised Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, April 29th. Robert W. Baird cut their target price on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, April 23rd. Finally, Royal Bank Of Canada increased their target price on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the stock a "sector perform" rating in a report on Thursday, April 23rd. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Zurn Elkay Water Solutions Cor currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.33.

Zurn Elkay Water Solutions Cor Stock Performance

Zurn Elkay Water Solutions Cor stock opened at $47.75 on Friday. The company has a quick ratio of 2.11, a current ratio of 3.24 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.97 billion, a PE ratio of 38.50, a P/E/G ratio of 1.89 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 12-month low of $36.59 and a 12-month high of $53.76. The business's 50-day moving average price is $48.43 and its two-hundred day moving average price is $48.23.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The firm had revenue of $433.00 million during the quarter, compared to analysts' expectations of $418.99 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, analysts expect that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 35.48%.

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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