Horizon Investments LLC Reduces Stock Holdings in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Horizon Investments LLC sharply cut its position in Zurn Elkay Water Solutions by 90.1% in the fourth quarter, leaving it with 2,575 shares worth about $120,000.
• Insider selling has been significant, with CEO Todd A. Adams and VP Jeffrey J. Lavalle both selling shares on February 10; insiders have sold 318,012 shares worth about $16.4 million over the last 90 days.
• Zurn Elkay Water Solutions reported better-than-expected quarterly results, including EPS of $0.41 versus estimates of $0.37 and revenue of $433 million, while analysts currently have a Moderate Buy consensus price target of $54.88.

Horizon Investments LLC trimmed its holdings in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 90.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,575 shares of the company's stock after selling 23,564 shares during the quarter. Horizon Investments LLC's holdings in Zurn Elkay Water Solutions Cor were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ZWS. Alliancebernstein L.P. grew its stake in Zurn Elkay Water Solutions Cor by 1,714.8% during the 3rd quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company's stock worth $158,478,000 after buying an additional 3,184,048 shares during the last quarter. MAI Capital Management grew its stake in Zurn Elkay Water Solutions Cor by 120,771.6% during the 3rd quarter. MAI Capital Management now owns 293,718 shares of the company's stock worth $13,814,000 after buying an additional 293,475 shares during the last quarter. UBS Group AG grew its stake in Zurn Elkay Water Solutions Cor by 157.0% during the 3rd quarter. UBS Group AG now owns 479,166 shares of the company's stock worth $22,535,000 after buying an additional 292,747 shares during the last quarter. Oberweis Asset Management Inc. purchased a new position in Zurn Elkay Water Solutions Cor during the 3rd quarter worth $12,510,000. Finally, Fisher Asset Management LLC lifted its position in Zurn Elkay Water Solutions Cor by 27.9% during the 3rd quarter. Fisher Asset Management LLC now owns 1,021,874 shares of the company's stock worth $48,059,000 after acquiring an additional 223,168 shares during the period. 83.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Todd A. Adams sold 275,050 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $51.78, for a total value of $14,242,089.00. Following the completion of the transaction, the chief executive officer owned 2,256,684 shares of the company's stock, valued at approximately $116,851,097.52. This represents a 10.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jeffrey J. Lavalle sold 6,097 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $51.80, for a total value of $315,824.60. Following the completion of the transaction, the vice president directly owned 49,803 shares of the company's stock, valued at $2,579,795.40. The trade was a 10.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 318,012 shares of company stock worth $16,449,365 in the last ninety days. 2.40% of the stock is owned by corporate insiders.

Zurn Elkay Water Solutions Cor Stock Performance

NYSE ZWS opened at $51.18 on Monday. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 41.27, a PEG ratio of 2.02 and a beta of 1.11. Zurn Elkay Water Solutions Cor has a twelve month low of $34.91 and a twelve month high of $53.76. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $47.88 and a 200 day moving average of $47.73.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $433.00 million during the quarter, compared to analysts' expectations of $418.99 million. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.Zurn Elkay Water Solutions Cor's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. Sell-side analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.75 EPS 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, June 5th. Investors of record on Wednesday, May 20th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, May 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 35.48%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ZWS. UBS Group set a $56.00 price target on Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Weiss Ratings raised Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, April 29th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Stifel Nicolaus lifted their price target on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.88.

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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