Royal Bank of Canada Sells 71,372 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Royal Bank of Canada reduced its Zurn Elkay Water Solutions stake by 13.9%, selling 71,372 shares and retaining 443,276 shares valued at approximately $19.9 million. Institutional investors collectively own 83.33% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $57.22, compared with the stock’s reported opening price of $52.76.
• Zurn Elkay exceeded quarterly expectations, reporting $0.50 in EPS and $491 million in revenue, while revenue rose 10.5% year over year. The company also declared a quarterly dividend of $0.11 per share, representing a 0.8% yield.

Royal Bank of Canada lessened its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 13.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 443,276 shares of the company's stock after selling 71,372 shares during the quarter. Royal Bank of Canada owned 0.27% of Zurn Elkay Water Solutions Cor worth $19,876,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of Zurn Elkay Water Solutions Cor during the 3rd quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in Zurn Elkay Water Solutions Cor in the fourth quarter worth $26,000. Kemnay Advisory Services Inc. purchased a new stake in Zurn Elkay Water Solutions Cor during the fourth quarter valued at about $35,000. Hantz Financial Services Inc. boosted its position in Zurn Elkay Water Solutions Cor by 138.9% during the fourth quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock valued at $37,000 after buying an additional 468 shares during the period. Finally, Assetmark Inc. grew its stake in shares of Zurn Elkay Water Solutions Cor by 53.0% during the first quarter. Assetmark Inc. now owns 843 shares of the company's stock valued at $38,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 83.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ZWS. Zacks Research raised Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Stifel Nicolaus raised their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. UBS Group set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. The Goldman Sachs Group reiterated a "neutral" rating and set a $55.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Wednesday, July 29th. Finally, Oppenheimer reissued 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.22.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of Zurn Elkay Water Solutions Cor stock opened at $52.76 on Thursday. Zurn Elkay Water Solutions Cor has a 12 month low of $43.06 and a 12 month high of $55.00. The firm has a market capitalization of $8.75 billion, a P/E ratio of 32.57, a P/E/G ratio of 2.01 and a beta of 1.04. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.30. The business has a fifty day simple moving average of $48.74 and a two-hundred day simple moving average of $48.53.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. The firm had revenue of $491.00 million during the quarter, compared to analyst estimates of $483.04 million. Zurn Elkay Water Solutions Cor had a net margin of 15.45% and a return on equity of 18.01%. The business's revenue was up 10.5% on a year-over-year basis. During the same period last year, the business earned $0.42 earnings per share. On average, equities analysts forecast that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is presently 27.16%.

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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