Jennison Associates LLC Has $19.96 Million Stake in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Jennison Associates cut its stake in Zurn Elkay by 51.1%, selling 448,912 shares and now owning 429,248 shares worth about $19.96 million (≈0.26% of the company); institutional investors overall own 83.33%.
• Zurn Elkay beat quarterly estimates with $0.41 EPS vs. $0.37 expected and revenue of $433.0M (+11.4% YoY), and analysts carry a consensus "Moderate Buy" rating with a $54.88 price target.
• Insiders have been net sellers — CEO Todd Adams sold 275,050 shares (~$14.24M) and insiders sold 599,259 shares (~$31.2M) in the last 90 days, leaving insiders with 2.4% ownership.

Jennison Associates LLC decreased its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 51.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 429,248 shares of the company's stock after selling 448,912 shares during the period. Jennison Associates LLC owned about 0.26% of Zurn Elkay Water Solutions Cor worth $19,956,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 4th quarter valued at approximately $26,000. Fifth Third Bancorp grew its stake in shares of Zurn Elkay Water Solutions Cor by 49.7% in the 3rd quarter. Fifth Third Bancorp now owns 771 shares of the company's stock valued at $36,000 after buying an additional 256 shares in the last quarter. First Horizon Corp bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 3rd quarter valued at approximately $45,000. Finally, Covestor Ltd grew its stake in shares of Zurn Elkay Water Solutions Cor by 180.3% in the 3rd quarter. Covestor Ltd now owns 967 shares of the company's stock valued at $46,000 after buying an additional 622 shares in the last quarter. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Down 1.4%

Shares of Zurn Elkay Water Solutions Cor stock opened at $51.25 on Friday. The stock has a market capitalization of $8.55 billion, a P/E ratio of 41.33, a PEG ratio of 2.03 and a beta of 1.11. 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 50 day moving average price of $47.85 and a two-hundred day moving average price of $47.62. Zurn Elkay Water Solutions Cor has a 12-month low of $33.95 and a 12-month high of $53.76.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. The firm 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%.The company's revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Equities analysts expect that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

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

Insider Buying and Selling

In other news, CFO David J. Pauli sold 812 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $51.61, for a total value of $41,907.32. Following the completion of the sale, the chief financial officer directly owned 65,995 shares of the company's stock, valued at approximately $3,406,001.95. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd A. Adams sold 275,050 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $51.78, for a total value of $14,242,089.00. Following the completion of the sale, the chief executive officer directly owned 2,256,684 shares of the company's stock, valued at $116,851,097.52. This represents a 10.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 599,259 shares of company stock valued at $31,225,361 in the last ninety days. Company insiders own 2.40% of the company's stock.

Analyst Ratings Changes

ZWS has been the subject of several recent research reports. Oppenheimer reissued 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. Royal Bank Of Canada boosted their price target on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a "sector perform" rating 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 research report on Wednesday. Stifel Nicolaus upped their target price 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, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently 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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