KBC Group NV Grows Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• KBC Group NV significantly boosted its stake in Zurn Elkay Water Solutions, increasing holdings by 755.7% in the first quarter to 222,989 shares worth about $10 million.
• The company posted solid quarterly results, with earnings of $0.41 per share topping estimates and revenue rising 11.4% year over year to $433 million.
• Zurn Elkay also paid a quarterly dividend of $0.11 per share, which annualizes to $0.44 and yields about 0.9% at the recent stock price.

KBC Group NV lifted its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 755.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 222,989 shares of the company's stock after purchasing an additional 196,931 shares during the period. KBC Group NV owned about 0.13% of Zurn Elkay Water Solutions Cor worth $9,999,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ZWS. Empowered Funds LLC purchased a new stake in Zurn Elkay Water Solutions Cor during the 1st quarter valued at $277,000. Woodline Partners LP purchased a new stake in shares of Zurn Elkay Water Solutions Cor during the first quarter worth about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Zurn Elkay Water Solutions Cor by 5.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company's stock worth $16,127,000 after purchasing an additional 24,348 shares during the last quarter. American Century Companies Inc. increased its holdings 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 purchasing an additional 1,768 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings 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 purchasing an additional 718 shares during the period. 83.33% of the stock is currently owned by institutional investors.

Zurn Elkay Water Solutions Cor Stock Performance

Zurn Elkay Water Solutions Cor stock opened at $47.43 on Thursday. Zurn Elkay Water Solutions Cor has a twelve month low of $36.82 and a twelve month high of $53.76. 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 company has a market capitalization of $7.91 billion, a P/E ratio of 38.25, a PEG ratio of 1.87 and a beta of 1.04. The stock's 50 day moving average is $48.29 and its 200 day moving average is $48.25.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The firm had revenue of $433.00 million during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.31 earnings per share. On average, equities research analysts predict 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 company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were issued 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 payout ratio is 35.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays began coverage on Zurn Elkay Water Solutions Cor in a research report on Tuesday, June 30th. They issued an "overweight" rating and a $59.00 price objective on the stock. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Robert W. Baird reduced their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, April 23rd. Royal Bank Of Canada upped their price objective on shares of 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. Finally, Stifel Nicolaus cut their target price on shares of Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Zurn Elkay Water Solutions Cor has an average rating of "Moderate Buy" and an average target price of $55.00.

Zurn Elkay Water Solutions Cor Company 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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