Kingsview Wealth Management LLC Acquires Shares of 61,723 Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Kingsview Wealth Management disclosed a new fourth-quarter stake in Zurn Elkay Water Solutions, buying 61,723 shares worth about $2.87 million.
• Zurn Elkay Water Solutions recently reported better-than-expected quarterly results, with EPS of $0.41 versus estimates of $0.37 and revenue of $433 million, up 11.4% year over year.
• The company also announced a quarterly dividend of $0.11 per share, while analysts currently rate the stock a “Moderate Buy” with an average price target of $54.88.

Kingsview Wealth Management LLC acquired a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 61,723 shares of the company's stock, valued at approximately $2,870,000.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Zurn Elkay Water Solutions Cor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company's stock valued at $164,716,000 after purchasing an additional 15,232 shares in the last quarter. Bleakley Financial Group LLC raised its position in Zurn Elkay Water Solutions Cor by 4.6% during the fourth quarter. Bleakley Financial Group LLC now owns 21,891 shares of the company's stock valued at $1,018,000 after purchasing an additional 963 shares in the last quarter. Hantz Financial Services Inc. raised its position in 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 valued at $37,000 after purchasing an additional 468 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Zurn Elkay Water Solutions Cor during the fourth quarter valued at approximately $1,301,000. Finally, MQS Management LLC raised its position in Zurn Elkay Water Solutions Cor by 89.5% during the fourth quarter. MQS Management LLC now owns 11,384 shares of the company's stock valued at $529,000 after purchasing an additional 5,377 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Stock Up 0.0%

Shares of NYSE:ZWS opened at $47.01 on Friday. The company has a fifty day moving average of $48.05 and a 200-day moving average of $47.90. The company has a market capitalization of $7.85 billion, a PE ratio of 37.91, a price-to-earnings-growth ratio of 1.86 and a beta of 1.11. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.11 and a current ratio of 3.24. Zurn Elkay Water Solutions Cor has a 52-week low of $35.06 and a 52-week high of $53.76.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The company 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 net margin of 12.26% and a return on equity of 17.40%. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have commented on ZWS. Weiss Ratings upgraded shares of Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, April 29th. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Royal Bank Of Canada boosted their price objective on shares of Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a "sector perform" rating in a research report on Thursday, April 23rd. Robert W. Baird lowered their price target on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, April 23rd. Finally, Oppenheimer reiterated an "outperform" rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.88.

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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