T. Rowe Price Investment Management Inc. Sells 117,118 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Zurn Elkay Water Solutions Corp by 6.3%, selling 117,118 shares in the first quarter, resulting in ownership of approximately 1.04% of the company.
• The company reported earnings of $0.42 per share, surpassing analyst estimates, and had revenues of $444.50 million, reflecting a 7.9% year-over-year increase.
• Zurn Elkay Water Solutions Corp announced a quarterly dividend of $0.09 per share, indicating an annualized dividend yield of 0.8% and a payout ratio of 35.64%.

T. Rowe Price Investment Management Inc. lessened its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,752,227 shares of the company's stock after selling 117,118 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.04% of Zurn Elkay Water Solutions Cor worth $57,789,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Capital Fund Management S.A. lifted its stake in Zurn Elkay Water Solutions Cor by 20.3% during the first quarter. Capital Fund Management S.A. now owns 28,236 shares of the company's stock worth $931,000 after purchasing an additional 4,758 shares during the period. Humankind Investments LLC lifted its stake in Zurn Elkay Water Solutions Cor by 12.3% during the first quarter. Humankind Investments LLC now owns 6,887 shares of the company's stock worth $227,000 after purchasing an additional 754 shares during the period. Hsbc Holdings PLC lifted its stake in Zurn Elkay Water Solutions Cor by 53.5% during the first quarter. Hsbc Holdings PLC now owns 67,843 shares of the company's stock worth $2,221,000 after purchasing an additional 23,639 shares during the period. Andina Capital Management LLC bought a new position in Zurn Elkay Water Solutions Cor during the first quarter worth about $377,000. Finally, Quantbot Technologies LP lifted its stake in Zurn Elkay Water Solutions Cor by 1,115.0% during the first quarter. Quantbot Technologies LP now owns 43,971 shares of the company's stock worth $1,450,000 after purchasing an additional 40,352 shares during the period. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Performance

NYSE:ZWS opened at $46.20 on Friday. Zurn Elkay Water Solutions Cor has a 1 year low of $27.74 and a 1 year high of $46.37. The firm has a 50 day moving average of $39.78 and a 200-day moving average of $36.18. The company has a current ratio of 2.71, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $7.74 billion, a P/E ratio of 45.74, a price-to-earnings-growth ratio of 2.38 and a beta of 1.03.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. Zurn Elkay Water Solutions Cor had a net margin of 10.78% and a return on equity of 15.23%. The company had revenue of $444.50 million during the quarter, compared to analysts' expectations of $424.55 million. During the same quarter in the previous year, the company posted $0.33 earnings per share. Zurn Elkay Water Solutions Cor's quarterly revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Wednesday, August 20th will be paid a $0.09 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.8%. Zurn Elkay Water Solutions Cor's payout ratio is 35.64%.

Wall Street Analyst Weigh In

A number of brokerages have commented on ZWS. Mizuho set a $36.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, May 16th. Stifel Nicolaus raised their price target on shares of Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Two equities research 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 has a consensus rating of "Hold" and a consensus target price of $38.00.

Insider Buying and Selling

In other news, VP Sudhanshu Chhabra sold 108,930 shares of Zurn Elkay Water Solutions Cor stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $43.61, for a total value of $4,750,437.30. Following the completion of the transaction, the vice president owned 94,330 shares in the company, valued at approximately $4,113,731.30. The trade was a 53.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy J. Jahnke sold 20,000 shares of Zurn Elkay Water Solutions Cor stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $43.73, for a total transaction of $874,600.00. Following the completion of the transaction, the director owned 180,000 shares of the company's stock, valued at $7,871,400. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,930 shares of company stock valued at $6,501,529 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Zurn Elkay Water Solutions Cor Profile

Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water safety and control products, such as backflow preventers, fire system valves, pressure reducing valves, thermostatic mixing valves, PEX pipings, fittings, and installation tools under the Zurn and Wilkins brand names.

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