The Manufacturers Life Insurance Company Buys Shares of 77,912 Zurn Elkay Water Solutions Cor $ZWS

Key Points

• The Manufacturers Life Insurance Company initiated a position in Zurn Elkay Water Solutions, buying 77,912 shares valued at approximately $3.94 million. Institutional investors collectively own 83.33% of the company.
• Zurn Elkay reported quarterly earnings of $0.50 per share, exceeding estimates of $0.47, while revenue rose 10.5% year over year to $491 million. The company also declared a quarterly dividend of $0.11 per share.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $57.22, compared with an opening price of $46.65.

The Manufacturers Life Insurance Company purchased a new position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 77,912 shares of the company's stock, valued at approximately $3,937,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $1,241,345,000. Norges Bank bought a new position in Zurn Elkay Water Solutions Cor during the fourth quarter worth $111,341,000. First Trust Advisors LP raised its stake 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 worth $153,591,000 after buying an additional 1,128,917 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Zurn Elkay Water Solutions Cor in the second quarter valued at $55,207,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Zurn Elkay Water Solutions Cor by 4,236.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 455,834 shares of the company's stock valued at $20,440,000 after acquiring an additional 445,323 shares during the last quarter. Institutional investors and hedge funds own 83.33% of the company's stock.

Insider Buying and Selling

In other news, Director Jacques Donavon Butler acquired 2,016 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Wednesday, August 19th. The stock was purchased at an average price of $49.60 per share, with a total value of $99,993.60. Following the completion of the purchase, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

Shares of NYSE ZWS opened at $46.65 on Wednesday. The firm's 50-day moving average price is $49.33 and its 200-day moving average price is $48.70. Zurn Elkay Water Solutions Cor has a 1-year low of $43.06 and a 1-year high of $55.00. The firm has a market capitalization of $7.74 billion, a P/E ratio of 28.80, a P/E/G ratio of 1.75 and a beta of 1.02. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.30.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued 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 company had revenue of $491.00 million during the quarter, compared to the consensus estimate of $483.04 million. During the same period last year, the business posted $0.42 EPS. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. Equities research analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be issued a $0.11 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 27.16%.

Wall Street Analyst Weigh In

ZWS has been the subject of a number of recent analyst reports. Robert W. Baird set a $58.00 price target on Zurn Elkay Water Solutions Cor in a report on Thursday, July 30th. The Goldman Sachs Group restated a "neutral" rating and set a $55.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, July 24th. Zacks Research upgraded Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Finally, Stifel Nicolaus boosted their price target on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $57.22.

Zurn Elkay Water Solutions Cor Profile

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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