Squarepoint Ops LLC Lowers Stake in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Squarepoint Ops LLC cut its Zurn Elkay Water Solutions stake by 31.5% in the second quarter, while institutional investors collectively owned 83.33% of the company’s shares.
• Analyst sentiment remains positive, with Zacks upgrading the stock to “strong buy” and the company receiving a “Moderate Buy” consensus rating with an average price target of $57.44.
• Zurn Elkay exceeded quarterly earnings and revenue expectations, reporting $0.50 in EPS and $491 million in revenue, up 10.5% year over year; it also paid a quarterly dividend of $0.11 per share.

Squarepoint Ops LLC lessened its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 31.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 57,451 shares of the company's stock after selling 26,441 shares during the period. Squarepoint Ops LLC's holdings in Zurn Elkay Water Solutions Cor were worth $2,903,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZWS. BlackRock Inc. acquired a new position in shares of Zurn Elkay Water Solutions Cor in the second quarter valued at approximately $1,241,345,000. California State Teachers Retirement System lifted its holdings in Zurn Elkay Water Solutions Cor by 4,987.9% during the 2nd quarter. California State Teachers Retirement System now owns 8,771,755 shares of the company's stock worth $443,237,000 after buying an additional 8,599,350 shares in the last quarter. Bank of America Corp DE purchased a new position in Zurn Elkay Water Solutions Cor in the 2nd quarter valued at approximately $278,160,000. Jupiter Topco LLC purchased a new position in Zurn Elkay Water Solutions Cor in the 2nd quarter valued at approximately $172,287,000. Finally, Norges Bank acquired a new position in shares of Zurn Elkay Water Solutions Cor in the fourth quarter worth $111,341,000. Hedge funds and other institutional investors own 83.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Zacks Research raised Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Robert W. Baird set a $58.00 target price on Zurn Elkay Water Solutions Cor in a research note on Thursday, July 30th. Stifel Nicolaus boosted their target price on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. The Goldman Sachs Group restated 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, Barclays lifted their price objective on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.44.

Insider Activity at Zurn Elkay Water Solutions Cor

In other Zurn Elkay Water Solutions Cor news, Director Jacques Butler bought 2,016 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average price of $49.60 per share, with a total value of $99,993.60. Following the transaction, the director owned 37,487 shares of the company's stock, valued at approximately $1,859,355.20. The trade was a 5.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

Zurn Elkay Water Solutions Cor stock opened at $46.22 on Monday. 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 company has a fifty day simple moving average of $48.84 and a 200-day simple moving average of $48.47. The stock has a market cap of $7.67 billion, a P/E ratio of 28.53, a price-to-earnings-growth ratio of 1.69 and a beta of 1.02. Zurn Elkay Water Solutions Cor has a 12-month low of $43.06 and a 12-month high of $55.00.

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

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were issued a $0.11 dividend. The ex-dividend date was Thursday, August 20th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.0%. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 27.16%.

About Zurn Elkay Water Solutions Cor

Zurn Elkay Water Solutions Corporation NYSE: ZWS is a water solutions company that designs, manufactures and supplies products used to manage, conserve, control and promote the safe use of water. Its offerings serve commercial, institutional, industrial and residential applications across plumbing, drainage and water-management systems.

The company's product portfolio includes plumbing fixtures and fittings, commercial faucets, flush valves, showers, drains, roof and floor drainage products, backflow-prevention devices, water-quality and filtration systems, drinking-water products, and related accessories.

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