Zimmer Partners LP Buys Shares of 1,526,500 Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Zimmer Partners LP acquired 1,526,500 shares of Zurn Elkay Water Solutions Cor, valued at approximately $50.3 million, making it a notable institutional investor in the company.
• Zurn Elkay Water Solutions Cor recently reported earnings of $0.42 per share, surpassing analyst expectations, with revenue for the quarter reaching $444.5 million.
• The company announced a quarterly dividend of $0.09 per share, equating to an annual yield of 0.8%, with a payout ratio of 35.64%.

Zimmer Partners LP bought a new position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,526,500 shares of the company's stock, valued at approximately $50,344,000. Zimmer Partners LP owned about 0.91% of Zurn Elkay Water Solutions Cor as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. HM Payson & Co. acquired a new position in Zurn Elkay Water Solutions Cor during the first quarter valued at approximately $37,000. Federated Hermes Inc. lifted its position in shares of Zurn Elkay Water Solutions Cor by 3,687.2% during the first quarter. Federated Hermes Inc. now owns 1,780 shares of the company's stock worth $59,000 after purchasing an additional 1,733 shares in the last quarter. Archer Investment Corp acquired a new position in shares of Zurn Elkay Water Solutions Cor during the first quarter worth $99,000. Central Pacific Bank Trust Division lifted its position in shares of Zurn Elkay Water Solutions Cor by 31.0% during the first quarter. Central Pacific Bank Trust Division now owns 4,400 shares of the company's stock worth $145,000 after purchasing an additional 1,040 shares in the last quarter. Finally, Crestline Management LP acquired a new position in shares of Zurn Elkay Water Solutions Cor during the fourth quarter worth $243,000. 83.33% of the stock is owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Stock Down 1.3%

Shares of NYSE:ZWS traded down $0.61 during midday trading on Friday, reaching $46.66. The company had a trading volume of 891,915 shares, compared to its average volume of 903,649. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.71 and a quick ratio of 1.72. The stock's fifty day moving average price is $42.65 and its 200-day moving average price is $37.21. The stock has a market capitalization of $7.82 billion, a P/E ratio of 46.20, a PEG ratio of 2.50 and a beta of 1.07. Zurn Elkay Water Solutions Cor has a one year low of $27.74 and a one year high of $47.71.

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

Zurn Elkay Water Solutions Cor Announces Dividend

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

Insiders Place Their Bets

In related news, Director Timothy J. Jahnke sold 17,844 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Friday, September 12th. The shares were sold at an average price of $47.55, for a total value of $848,482.20. Following the completion of the sale, the director owned 311,120 shares in the company, valued at approximately $14,793,756. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sudhanshu Chhabra sold 108,930 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $43.61, for a total transaction of $4,750,437.30. Following the completion of the sale, the vice president owned 94,330 shares of the company's stock, valued at approximately $4,113,731.30. This trade represents a 53.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 166,774 shares of company stock valued at $7,350,011. Insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus boosted their target price on shares of Zurn Elkay Water Solutions Cor from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $38.50.

Zurn Elkay Water Solutions Cor Company 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.