Bank of New York Mellon Corp Lowers Position in Zurn Elkay Water Solutions Cor (NYSE:ZWS)

Bank of New York Mellon Corp cut its position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 40.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,053,263 shares of the company's stock after selling 714,206 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.62% of Zurn Elkay Water Solutions Cor worth $34,737,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ZWS. First Trust Advisors LP grew its position in Zurn Elkay Water Solutions Cor by 184.0% during the fourth quarter. First Trust Advisors LP now owns 3,556,599 shares of the company's stock valued at $132,661,000 after acquiring an additional 2,304,285 shares during the last quarter. Norges Bank bought a new stake in Zurn Elkay Water Solutions Cor in the fourth quarter worth $61,412,000. Invesco Ltd. boosted its position in Zurn Elkay Water Solutions Cor by 26.8% during the fourth quarter. Invesco Ltd. now owns 5,880,302 shares of the company's stock valued at $219,335,000 after buying an additional 1,242,642 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Zurn Elkay Water Solutions Cor by 58.6% in the fourth quarter. Ameriprise Financial Inc. now owns 985,576 shares of the company's stock worth $36,762,000 after buying an additional 364,142 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Zurn Elkay Water Solutions Cor by 19.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,935,839 shares of the company's stock worth $72,207,000 after acquiring an additional 319,895 shares during the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ZWS has been the topic of several recent analyst reports. Robert W. Baird cut their target price on shares of Zurn Elkay Water Solutions Cor from $42.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Mizuho set a $36.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Friday, May 16th. The Goldman Sachs Group dropped their target price on shares of Zurn Elkay Water Solutions Cor from $39.00 to $34.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. BNP Paribas downgraded Zurn Elkay Water Solutions Cor from an "outperform" rating to a "neutral" rating and set a $29.00 price target on the stock. in a report on Wednesday, April 9th. Finally, Stifel Nicolaus increased their price objective on Zurn Elkay Water Solutions Cor from $34.00 to $39.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $36.29.

Insider Buying and Selling

In other news, VP Sudhanshu Chhabra sold 25,921 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $37.19, for a total transaction of $964,001.99. Following the completion of the sale, the vice president owned 94,132 shares of the company's stock, valued at $3,500,769.08. This represents a 21.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO David J. Pauli sold 2,706 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $37.11, for a total value of $100,419.66. Following the transaction, the chief financial officer owned 60,772 shares in the company, valued at $2,255,248.92. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Up 1.4%

Shares of ZWS traded up $0.51 on Thursday, reaching $37.05. The stock had a trading volume of 455,002 shares, compared to its average volume of 1,073,848. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 2.87. Zurn Elkay Water Solutions Cor has a 12-month low of $27.74 and a 12-month high of $41.15. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 37.37, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. The company has a 50-day simple moving average of $36.52 and a 200-day simple moving average of $35.35.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. Zurn Elkay Water Solutions Cor had a net margin of 10.72% and a return on equity of 14.43%. The business had revenue of $388.80 million for the quarter, compared to analyst estimates of $383.87 million. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Sell-side analysts predict that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Tuesday, May 20th were given a dividend of $0.09 per share. The ex-dividend date was Tuesday, May 20th. This represents a $0.36 dividend on an annualized basis and a yield of 0.97%. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is 36.36%.

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.