Millennium Management LLC Reduces Position in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Millennium Management LLC lowered its position in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS - Free Report) by 89.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,140 shares of the company's stock after selling 176,792 shares during the period. Millennium Management LLC's holdings in Zurn Elkay Water Solutions were worth $789,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. First Trust Advisors LP raised its holdings in shares of Zurn Elkay Water Solutions by 184.0% during the fourth quarter. First Trust Advisors LP now owns 3,556,599 shares of the company's stock valued at $132,661,000 after acquiring an additional 2,304,285 shares in the last quarter. Raymond James Financial Inc. bought a new position in Zurn Elkay Water Solutions during the 4th quarter valued at approximately $80,457,000. Norges Bank purchased a new position in Zurn Elkay Water Solutions during the fourth quarter valued at $61,412,000. Invesco Ltd. grew its stake in shares of Zurn Elkay Water Solutions by 26.8% in the fourth quarter. Invesco Ltd. now owns 5,880,302 shares of the company's stock worth $219,335,000 after acquiring an additional 1,242,642 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Zurn Elkay Water Solutions by 58.6% during the 4th quarter. Ameriprise Financial Inc. now owns 985,576 shares of the company's stock valued at $36,762,000 after purchasing an additional 364,142 shares during the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Zurn Elkay Water Solutions from $42.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. BNP Paribas cut shares of Zurn Elkay Water Solutions from an "outperform" rating to a "neutral" rating and set a $29.00 target price for the company. in a report on Wednesday, April 9th. The Goldman Sachs Group decreased their price objective on Zurn Elkay Water Solutions from $39.00 to $34.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 2nd. Mizuho set a $36.00 target price on shares of Zurn Elkay Water Solutions in a research note on Friday, May 16th. Finally, Stifel Nicolaus upped their price target on shares of Zurn Elkay Water Solutions from $34.00 to $39.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Zurn Elkay Water Solutions currently has a consensus rating of "Hold" and an average price target of $36.29.

Insiders Place Their Bets

In related news, CFO David J. Pauli sold 2,706 shares of Zurn Elkay Water Solutions stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $37.11, for a total value of $100,419.66. Following the sale, the chief financial officer now owns 60,772 shares of the company's stock, valued at approximately $2,255,248.92. This trade represents a 4.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sudhanshu Chhabra sold 25,921 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $37.19, for a total transaction of $964,001.99. Following the transaction, the vice president now owns 94,132 shares of the company's stock, valued at $3,500,769.08. This represents a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

Zurn Elkay Water Solutions Stock Performance

Shares of ZWS traded up $0.16 during trading hours on Tuesday, reaching $36.75. 552,924 shares of the company traded hands, compared to its average volume of 1,116,541. The company has a quick ratio of 1.81, a current ratio of 2.91 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average price of $33.86 and a 200-day moving average price of $35.81. Zurn Elkay Water Solutions Co. has a 12-month low of $27.74 and a 12-month high of $41.15. The stock has a market capitalization of $6.18 billion, a P/E ratio of 39.94, a P/E/G ratio of 2.01 and a beta of 1.00.

Zurn Elkay Water Solutions (NYSE:ZWS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. The business had revenue of $388.80 million for the quarter, compared to the consensus estimate of $383.87 million. Zurn Elkay Water Solutions had a return on equity of 14.03% and a net margin of 10.23%. During the same quarter in the previous year, the business earned $0.29 EPS. Equities analysts anticipate that Zurn Elkay Water Solutions Co. will post 1.36 EPS for the current fiscal year.

Zurn Elkay Water Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Tuesday, May 20th were given a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Zurn Elkay Water Solutions's dividend payout ratio (DPR) is currently 36.36%.

About Zurn Elkay Water Solutions

Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water safety and control products, such as backflow preventers, fire system valves, pressure reducing valves, thermostatic mixing valves, PEX pipings, fittings, and installation tools under the Zurn and Wilkins brand names.