Peregrine Capital Management LLC Sells 60,410 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Peregrine Capital Management cut its Zurn Elkay Water Solutions stake by 24.2% in Q1, selling 60,410 shares and leaving it with 189,251 shares valued at about $8.49 million.
• Wall Street sentiment remains constructive, with analysts issuing a consensus “Moderate Buy” and an average price target of $55.33; Barclays initiated coverage with an $59 target, while other firms set targets in the mid-$50s.
• Zurn Elkay reported solid quarterly results, beating earnings and revenue estimates with $0.41 EPS on $433 million in sales, while also paying a quarterly dividend of $0.11 per share for a 0.9% annualized yield.

Peregrine Capital Management LLC reduced its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 24.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,251 shares of the company's stock after selling 60,410 shares during the quarter. Peregrine Capital Management LLC owned 0.11% of Zurn Elkay Water Solutions Cor worth $8,486,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Empowered Funds LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 1st quarter worth about $277,000. Woodline Partners LP bought a new position in Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Zurn Elkay Water Solutions Cor by 5.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company's stock valued at $16,127,000 after purchasing an additional 24,348 shares during the last quarter. American Century Companies Inc. boosted its position in Zurn Elkay Water Solutions Cor by 3.8% in the second quarter. American Century Companies Inc. now owns 48,161 shares of the company's stock valued at $1,761,000 after buying an additional 1,768 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Zurn Elkay Water Solutions Cor by 4.1% in the second quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company's stock valued at $660,000 after buying an additional 718 shares in the last quarter. 83.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ZWS shares. Barclays began coverage on shares of Zurn Elkay Water Solutions Cor in a report on Tuesday. They set an "overweight" rating and a $59.00 price objective for the company. UBS Group set a $56.00 target price on Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Oppenheimer restated an "outperform" rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Robert W. Baird dropped their price target on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, April 23rd. Finally, Weiss Ratings upgraded Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, April 29th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.33.

Zurn Elkay Water Solutions Cor Trading Up 1.3%

Shares of NYSE ZWS opened at $50.56 on Wednesday. Zurn Elkay Water Solutions Cor has a 1-year low of $35.73 and a 1-year high of $53.76. The company has a market cap of $8.44 billion, a PE ratio of 40.77, a P/E/G ratio of 1.97 and a beta of 1.06. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $49.27 and a two-hundred day moving average of $48.20.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. The business had revenue of $433.00 million for the quarter, compared to analysts' expectations of $418.99 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. Zurn Elkay Water Solutions Cor's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. As a group, equities analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, May 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is presently 35.48%.

About Zurn Elkay Water Solutions Cor

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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