OP Asset Management Ltd Buys Shares of 45,263 Zurn Elkay Water Solutions Cor $ZWS

Key Points

• OP Asset Management bought a new stake in Zurn Elkay Water Solutions, acquiring 45,263 shares valued at about $2.03 million in the first quarter.
• The company’s stock has seen strong institutional interest overall, with 83.33% of shares held by institutions and hedge funds; several large investors also significantly increased their positions.
• Zurn Elkay posted better-than-expected quarterly results, with EPS of $0.41 versus $0.37 estimated and revenue of $433 million, while analysts currently rate the stock a Moderate Buy with a consensus price target of $54.88.

OP Asset Management Ltd purchased a new stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 45,263 shares of the company's stock, valued at approximately $2,030,000.

Several other large investors have also modified their holdings of the business. Alliancebernstein L.P. raised its position in shares of Zurn Elkay Water Solutions Cor by 1,714.8% during the 3rd quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company's stock worth $158,478,000 after purchasing an additional 3,184,048 shares during the last quarter. Norges Bank purchased a new position in Zurn Elkay Water Solutions Cor during the fourth quarter worth $111,341,000. First Trust Advisors LP raised its holdings in shares of Zurn Elkay Water Solutions Cor by 51.9% in the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company's stock worth $153,591,000 after acquiring an additional 1,128,917 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Zurn Elkay Water Solutions Cor by 78.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company's stock valued at $42,161,000 after acquiring an additional 399,180 shares in the last quarter. Finally, UBS Group AG boosted its stake in shares of Zurn Elkay Water Solutions Cor by 157.0% during the third quarter. UBS Group AG now owns 479,166 shares of the company's stock valued at $22,535,000 after acquiring an additional 292,747 shares during the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Trading Up 0.1%

NYSE ZWS opened at $50.90 on Monday. The company has a market cap of $8.49 billion, a P/E ratio of 41.05, a P/E/G ratio of 2.01 and a beta of 1.06. Zurn Elkay Water Solutions Cor has a 12 month low of $35.73 and a 12 month high of $53.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11. The company has a 50-day moving average of $49.15 and a 200-day moving average of $48.15.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its 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. 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 for the quarter, compared to analysts' expectations of $418.99 million. During the same period last year, the company earned $0.31 earnings per share. The company's quarterly revenue was up 11.4% on a year-over-year basis. As a group, equities analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on ZWS. Royal Bank Of Canada lifted their price objective on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the stock a "sector perform" rating in a research report on Thursday, April 23rd. UBS Group set a $56.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. 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. Stifel Nicolaus upped 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 research note on Thursday, April 23rd. Finally, Weiss Ratings raised 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. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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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