Zurcher Kantonalbank Zurich Cantonalbank Sells 46,300 Shares of Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Zurcher Kantonalbank trimmed its stake in Zurn Elkay (NYSE:ZWS) by 13.9%, selling 46,300 shares and leaving it with 285,796 shares worth about $13.29 million; institutional investors now own roughly 83.33% of the company.
• Company insiders have been net sellers recently — insiders sold a total of 599,259 shares worth $31.23 million over the past 90 days, including recent sales by the VP and CFO.
• Zurn Elkay reported quarterly earnings of $0.41 EPS versus $0.37 expected and revenue of $433.0 million (up 11.4% year-over-year), and the firm pays a quarterly dividend of $0.11 (≈0.8% yield).

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 13.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 285,796 shares of the company's stock after selling 46,300 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.17% of Zurn Elkay Water Solutions Cor worth $13,287,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB bought a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter valued at approximately $7,356,000. JPMorgan Chase & Co. grew its position in shares of Zurn Elkay Water Solutions Cor by 8.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,457,689 shares of the company's stock valued at $68,555,000 after acquiring an additional 113,425 shares during the period. Fisher Asset Management LLC grew its position in shares of Zurn Elkay Water Solutions Cor by 27.9% during the 3rd quarter. Fisher Asset Management LLC now owns 1,021,874 shares of the company's stock valued at $48,059,000 after acquiring an additional 223,168 shares during the period. Azzad Asset Management Inc. ADV bought a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter valued at approximately $1,205,000. Finally, Alliancebernstein L.P. grew its position in shares of Zurn Elkay Water Solutions Cor by 1,714.8% during the 3rd quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company's stock valued at $158,478,000 after acquiring an additional 3,184,048 shares during the period. 83.33% of the stock is owned by institutional investors.

Insider Activity at Zurn Elkay Water Solutions Cor

In other Zurn Elkay Water Solutions Cor news, VP Sudhanshu Chhabra sold 2,021 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $50.85, for a total value of $102,767.85. Following the sale, the vice president directly owned 69,556 shares in the company, valued at $3,536,922.60. This represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David J. Pauli sold 812 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $51.61, for a total transaction of $41,907.32. Following the completion of the sale, the chief financial officer owned 65,995 shares in the company, valued at $3,406,001.95. This represents a 1.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 599,259 shares of company stock worth $31,225,361 in the last ninety days. Insiders own 2.40% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS stock opened at $52.34 on Thursday. The stock has a market capitalization of $8.77 billion, a P/E ratio of 42.21, a PEG ratio of 2.00 and a beta of 1.07. The company has a current ratio of 3.13, a quick ratio of 2.07 and a debt-to-equity ratio of 0.31. The firm's 50 day moving average is $47.72 and its 200 day moving average is $47.39. Zurn Elkay Water Solutions Cor has a 12 month low of $30.56 and a 12 month high of $53.17.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $433.00 million for the quarter, compared to analysts' expectations of $418.99 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.45%. Zurn Elkay Water Solutions Cor's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 EPS. On average, sell-side analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.66 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were paid 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 was Friday, February 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 38.26%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ZWS. Stifel Nicolaus reduced their target price on shares of Zurn Elkay Water Solutions Cor from $59.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Royal Bank Of Canada increased their target price on shares of Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the company a "sector perform" rating in a research report on Thursday, February 5th. Oppenheimer increased their target price on shares of Zurn Elkay Water Solutions Cor from $53.00 to $57.00 and gave the company an "outperform" rating in a research report on Friday, February 6th. Robert W. Baird set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Zurn Elkay Water Solutions Cor in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Zurn Elkay Water Solutions Cor has an average rating of "Moderate Buy" and a consensus target price of $54.00.

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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