Principal Financial Group Inc. Lowers Stake in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Principal Financial Group trimmed its stake in Zurn Elkay Water Solutions by 2.8% in the first quarter, selling 23,930 shares and ending with 841,673 shares valued at about $37.7 million.
• The company reported better-than-expected quarterly results, posting $0.41 EPS on revenue of $433 million, both above analyst estimates, with revenue up 11.4% year over year.
• Analysts remain generally positive on ZWS, with a Moderate Buy consensus and an average target price of $55.33, while the stock was recently trading around $47.75 and paying a quarterly dividend of $0.11 per share.

Principal Financial Group Inc. reduced its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 841,673 shares of the company's stock after selling 23,930 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of Zurn Elkay Water Solutions Cor worth $37,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Zurn Elkay Water Solutions Cor by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,944,518 shares of the company's stock valued at $279,571,000 after purchasing an additional 201,299 shares during the period. State Street Corp increased its stake in Zurn Elkay Water Solutions Cor by 0.6% in the 2nd quarter. State Street Corp now owns 5,381,619 shares of the company's stock worth $196,806,000 after buying an additional 30,483 shares in the last quarter. Geode Capital Management LLC raised its holdings in Zurn Elkay Water Solutions Cor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company's stock valued at $164,716,000 after acquiring an additional 15,232 shares during the period. First Trust Advisors LP raised its holdings in Zurn Elkay Water Solutions Cor by 51.9% during the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company's stock valued at $153,591,000 after acquiring an additional 1,128,917 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Zurn Elkay Water Solutions Cor by 6.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,748,690 shares of the company's stock valued at $127,787,000 after acquiring an additional 162,065 shares in the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Zurn Elkay Water Solutions Cor Trading Down 1.3%

Shares of ZWS stock opened at $47.75 on Friday. 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 stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 12-month low of $36.59 and a 12-month high of $53.76. The stock's 50-day moving average price is $48.43 and its 200-day moving average price is $48.23.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $433.00 million during the quarter, compared to analyst estimates of $418.99 million. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The firm's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 earnings per share. Equities research analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 EPS 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. Stockholders of record on Wednesday, May 20th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio is 35.48%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ZWS. Barclays initiated coverage on Zurn Elkay Water Solutions Cor in a research note on Tuesday, June 30th. They set an "overweight" rating and a $59.00 target price on the stock. Stifel Nicolaus increased 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. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Finally, Robert W. Baird lowered their target price 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. Five equities research 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.33.

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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