Norges Bank Takes Position in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Norges Bank disclosed a new stake in Zurn Elkay Water Solutions, buying 2.39 million shares valued at about $111.3 million and holding roughly 1.43% of the company.
• Several other institutional investors also increased positions in ZWS, and hedge funds now own 83.33% of the stock, signaling strong institutional interest.
• The company reported better-than-expected quarterly results with EPS of $0.41 versus $0.37 expected, while revenue rose 11.4% year over year; it also announced a quarterly dividend of $0.11 per share to be paid June 5.

Norges Bank bought a new position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 2,394,953 shares of the company's stock, valued at approximately $111,341,000. Norges Bank owned approximately 1.43% of Zurn Elkay Water Solutions Cor as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ZWS. Alliancebernstein L.P. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 1,714.8% in the third quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company's stock valued at $158,478,000 after purchasing an additional 3,184,048 shares during the last quarter. MAI Capital Management raised its holdings in shares of Zurn Elkay Water Solutions Cor by 120,771.6% in the third quarter. MAI Capital Management now owns 293,718 shares of the company's stock valued at $13,814,000 after purchasing an additional 293,475 shares during the last quarter. UBS Group AG raised its holdings in shares of Zurn Elkay Water Solutions Cor by 157.0% in the third quarter. UBS Group AG now owns 479,166 shares of the company's stock valued at $22,535,000 after purchasing an additional 292,747 shares during the last quarter. Oberweis Asset Management Inc. acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the third quarter valued at approximately $12,510,000. Finally, Fisher Asset Management LLC raised its holdings in shares of Zurn Elkay Water Solutions Cor by 27.9% in the third quarter. Fisher Asset Management LLC now owns 1,021,874 shares of the company's stock valued at $48,059,000 after purchasing an additional 223,168 shares during the last quarter. Institutional investors and hedge funds own 83.33% of the company's stock.

Analyst Upgrades and Downgrades

ZWS has been the topic of a number of recent research reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Oppenheimer reiterated an "outperform" rating and issued a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Robert W. Baird lowered 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 report 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 report on Wednesday, April 29th. Finally, Stifel Nicolaus lifted their price objective on shares of Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Zurn Elkay Water Solutions Cor presently has an average rating of "Moderate Buy" and a consensus target price of $54.88.

Zurn Elkay Water Solutions Cor Price Performance

Shares of ZWS opened at $47.42 on Friday. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 38.24, a PEG ratio of 1.87 and a beta of 1.06. Zurn Elkay Water Solutions Cor has a 1-year low of $35.06 and a 1-year high of $53.76. The company's fifty day simple moving average is $48.26 and its 200 day simple moving average is $47.91. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31.

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 for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. The business had revenue of $433.00 million for 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 firm's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share. On average, research analysts forecast that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

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

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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