Nuveen LLC Purchases New Holdings in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Nuveen LLC has made a new investment in Zurn Elkay Water Solutions Corp, acquiring 645,024 shares valued at approximately $21.27 million, representing a 0.38% ownership stake.
• Zurn Elkay reported $0.42 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.36, with revenue rising by 7.9% year-over-year.
• The company declared a quarterly dividend of $0.09 per share, which will be paid on September 5th, yielding an annualized dividend of 0.8%.

Nuveen LLC purchased a new position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 645,024 shares of the company's stock, valued at approximately $21,273,000. Nuveen LLC owned about 0.38% of Zurn Elkay Water Solutions Cor at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Zurn Elkay Water Solutions Cor by 2.4% during the first quarter. Vanguard Group Inc. now owns 15,860,934 shares of the company's stock valued at $523,094,000 after acquiring an additional 371,635 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Zurn Elkay Water Solutions Cor by 1.9% in the first quarter. Invesco Ltd. now owns 5,991,234 shares of the company's stock worth $197,591,000 after acquiring an additional 110,932 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Zurn Elkay Water Solutions Cor by 6.5% in the fourth quarter. Janus Henderson Group PLC now owns 4,006,596 shares of the company's stock worth $149,444,000 after acquiring an additional 245,258 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Zurn Elkay Water Solutions Cor by 8.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,155,734 shares of the company's stock worth $80,411,000 after acquiring an additional 164,332 shares during the period. Finally, Northern Trust Corp boosted its stake in Zurn Elkay Water Solutions Cor by 6.4% during the fourth quarter. Northern Trust Corp now owns 1,873,521 shares of the company's stock valued at $69,882,000 after buying an additional 112,050 shares during the last quarter. Hedge funds and other institutional investors own 83.33% of the company's stock.

Insider Transactions at Zurn Elkay Water Solutions Cor

In other news, Director Timothy J. Jahnke sold 9,857 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $45.06, for a total value of $444,156.42. Following the completion of the transaction, the director owned 328,964 shares of the company's stock, valued at $14,823,117.84. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sudhanshu Chhabra sold 108,930 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $43.61, for a total value of $4,750,437.30. Following the completion of the transaction, the vice president directly owned 94,330 shares of the company's stock, valued at $4,113,731.30. The trade was a 53.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,930 shares of company stock valued at $6,501,529. 2.60% of the stock is currently owned by insiders.

Zurn Elkay Water Solutions Cor Stock Up 4.0%

ZWS stock traded up $1.78 on Friday, hitting $46.20. 818,309 shares of the company's stock were exchanged, compared to its average volume of 1,000,268. Zurn Elkay Water Solutions Cor has a 12-month low of $27.74 and a 12-month high of $46.37. The firm has a 50 day moving average price of $39.56 and a two-hundred day moving average price of $36.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 2.71. The stock has a market cap of $7.74 billion, a P/E ratio of 45.74, a price-to-earnings-growth ratio of 2.43 and a beta of 1.03.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.06. Zurn Elkay Water Solutions Cor had a return on equity of 15.23% and a net margin of 10.78%.The company had revenue of $444.50 million during the quarter, compared to analysts' expectations of $424.55 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The firm's revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Wednesday, August 20th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $0.36 dividend on an annualized basis and a yield of 0.8%. Zurn Elkay Water Solutions Cor's payout ratio is currently 35.64%.

Analyst Ratings Changes

ZWS has been the subject of a number of research reports. Robert W. Baird dropped their price target on Zurn Elkay Water Solutions Cor from $42.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Mizuho set a $36.00 price objective on Zurn Elkay Water Solutions Cor in a research report on Friday, May 16th. Finally, Stifel Nicolaus increased their price target on Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $38.00.

About Zurn Elkay Water Solutions Cor

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.