Zurn Elkay Water Solutions Cor $ZWS Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has decreased its stake in Zurn Elkay Water Solutions Corp by 1.3%, now owning about 1.10% of the company's shares valued at $61 million.
• Zurn Elkay recently announced a quarterly dividend of $0.09 per share, with a dividend yield of 0.8% and a payout ratio of 35.64%.
• Analysts have raised their price target for Zurn Elkay, with Stifel Nicolaus setting a new target at $50.00 and giving the stock a "buy" rating.

Northern Trust Corp lessened its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,849,891 shares of the company's stock after selling 23,630 shares during the quarter. Northern Trust Corp owned 1.10% of Zurn Elkay Water Solutions Cor worth $61,009,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZWS. HM Payson & Co. bought a new stake in Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $37,000. Federated Hermes Inc. lifted its holdings in Zurn Elkay Water Solutions Cor by 3,687.2% during the 1st quarter. Federated Hermes Inc. now owns 1,780 shares of the company's stock valued at $59,000 after buying an additional 1,733 shares in the last quarter. Archer Investment Corp bought a new stake in Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $99,000. Central Pacific Bank Trust Division lifted its holdings in Zurn Elkay Water Solutions Cor by 31.0% during the 1st quarter. Central Pacific Bank Trust Division now owns 4,400 shares of the company's stock valued at $145,000 after buying an additional 1,040 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in Zurn Elkay Water Solutions Cor during the 4th quarter valued at about $221,000. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Performance

NYSE:ZWS traded down $0.51 during trading hours on Monday, hitting $45.38. 719,297 shares of the company were exchanged, compared to its average volume of 912,705. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of 44.93, a PEG ratio of 2.43 and a beta of 1.07. Zurn Elkay Water Solutions Cor has a 52-week low of $27.74 and a 52-week high of $46.60. 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 company's 50 day moving average price is $41.01 and its 200-day moving average price is $36.53.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $444.50 million for the quarter, compared to the consensus estimate of $424.55 million. Zurn Elkay Water Solutions Cor had a net margin of 10.78% and a return on equity of 15.23%. Zurn Elkay Water Solutions Cor'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 EPS. As a group, research analysts forecast that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

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

Insider Activity at Zurn Elkay Water Solutions Cor

In other Zurn Elkay Water Solutions Cor 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 transaction of $4,750,437.30. Following the completion of the sale, the vice president directly owned 94,330 shares in the company, valued at approximately $4,113,731.30. The trade was a 53.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Timothy J. Jahnke sold 9,857 shares of Zurn Elkay Water Solutions Cor stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $45.06, for a total transaction of $444,156.42. Following the sale, the director owned 328,964 shares of the company's stock, valued at approximately $14,823,117.84. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,930 shares of company stock valued at $6,501,529. Company insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Mizuho set a $36.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Friday, May 16th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Zurn Elkay Water Solutions Cor has a consensus rating of "Hold" and an average price target of $38.00.

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.