Globeflex Capital L P Buys New Stake in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Globeflex Capital initiated a 56,336-share position in Zurn Elkay Water Solutions, valued at approximately $2.85 million. Institutional investors collectively own 83.33% of the company.
• Zurn Elkay reported quarterly EPS of $0.50, exceeding estimates by $0.03, while revenue rose 10.5% year over year to $491 million. Analysts expect full-year EPS of $1.82.
• The company declared a quarterly dividend of $0.11, equivalent to $0.44 annually and a 0.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $57.22.

Globeflex Capital L P purchased a new position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 56,336 shares of the company's stock, valued at approximately $2,847,000.

Other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor during the first quarter valued at about $277,000. Woodline Partners LP bought a new position in Zurn Elkay Water Solutions Cor in the 1st quarter valued at about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Zurn Elkay Water Solutions Cor by 5.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company's stock valued at $16,127,000 after buying an additional 24,348 shares in the last quarter. American Century Companies Inc. increased its stake in Zurn Elkay Water Solutions Cor by 3.8% during the 2nd quarter. American Century Companies Inc. now owns 48,161 shares of the company's stock valued at $1,761,000 after buying an additional 1,768 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Zurn Elkay Water Solutions Cor by 4.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company's stock valued at $660,000 after buying an additional 718 shares during the period. Institutional investors and hedge funds own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

Shares of NYSE ZWS opened at $49.10 on Monday. Zurn Elkay Water Solutions Cor has a twelve month low of $43.06 and a twelve month high of $55.00. 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 firm has a 50-day moving average of $49.46 and a two-hundred day moving average of $48.84. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.85 and a beta of 1.04.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. Zurn Elkay Water Solutions Cor had a net margin of 15.45% and a return on equity of 18.01%. The company had revenue of $491.00 million for the quarter, compared to analysts' expectations of $483.04 million. During the same quarter in the previous year, the company posted $0.42 EPS. The business's revenue was up 10.5% compared to the same quarter last year. As a group, analysts expect 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 declared 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. The ex-dividend date is Thursday, August 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor's payout ratio is 27.16%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ZWS. 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, July 24th. Robert W. Baird set a $58.00 target price on Zurn Elkay Water Solutions Cor in a report on Thursday, July 30th. Barclays upped their target price on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada lifted their price target on 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. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $57.22.

Insider Transactions at Zurn Elkay Water Solutions Cor

In related news, Director Jacques Donavon Butler purchased 2,016 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $49.60 per share, with a total value of $99,993.60. Following the completion of the acquisition, the director owned 37,487 shares of the company's stock, valued at approximately $1,859,355.20. This represents a 5.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.40% of the company's stock.

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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