Legal & General Group Plc Sells 52,497 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Legal & General Group Plc cut its stake in Zurn Elkay Water Solutions by 6.2% in the fourth quarter, selling 52,497 shares and ending with 795,221 shares valued at about $36.97 million.
• Zurn Elkay Water Solutions reported better-than-expected first-quarter results, with EPS of $0.41 versus the $0.37 estimate 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 remain moderately bullish with an average price target of $54.88 and a “Moderate Buy” rating.

Legal & General Group Plc lessened its position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 795,221 shares of the company's stock after selling 52,497 shares during the period. Legal & General Group Plc owned about 0.48% of Zurn Elkay Water Solutions Cor worth $36,970,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. boosted its stake in shares of Zurn Elkay Water Solutions Cor by 138.9% during the 4th quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock worth $37,000 after buying an additional 468 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter worth about $1,301,000. MQS Management LLC boosted its stake in shares of Zurn Elkay Water Solutions Cor by 89.5% during the 4th quarter. MQS Management LLC now owns 11,384 shares of the company's stock worth $529,000 after buying an additional 5,377 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter worth about $3,779,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of Zurn Elkay Water Solutions Cor by 3.1% during the 4th quarter. Handelsbanken Fonder AB now owns 43,018 shares of the company's stock worth $2,000,000 after buying an additional 1,300 shares during the last quarter. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Trading Up 0.0%

Shares of NYSE:ZWS opened at $47.01 on Friday. Zurn Elkay Water Solutions Cor has a 52-week low of $35.06 and a 52-week high of $53.76. The company has a market capitalization of $7.85 billion, a P/E ratio of 37.91, a price-to-earnings-growth ratio of 1.86 and a beta of 1.11. The company has a 50-day simple moving average of $48.05 and a 200 day simple moving average of $47.90. 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 (NYSE:ZWS - Get Free Report) last issued its earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The business had revenue of $433.00 million during the quarter, compared to the consensus estimate of $418.99 million. During the same period last year, the business posted $0.31 EPS. Zurn Elkay Water Solutions Cor's revenue was up 11.4% on a year-over-year basis. Sell-side analysts forecast 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th will be given a dividend of $0.11 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is 35.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Oppenheimer restated an "outperform" rating and set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Royal Bank Of Canada increased 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 research note on Thursday, April 23rd. Stifel Nicolaus increased their price objective on shares of Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded shares of Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, April 29th. Finally, UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock 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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