Zurn Elkay Water Solutions Cor $ZWS Position Trimmed by Tudor Investment Corp ET AL

Key Points

• Tudor Investment Corp. trimmed its Zurn Elkay (NYSE:ZWS) position by 48.1% in Q3, selling 42,168 shares and retaining 45,588 shares worth about $2.14M, and institutional investors now own roughly 83.33% of the stock.
• Insiders have been heavy sellers recently: CEO Todd A. Adams sold 275,050 shares (~$14.24M) and insiders sold a total of 599,259 shares worth $31.23M in the last 90 days, leaving insiders with about 2.40% ownership.
• ZWS beat estimates with quarterly EPS of $0.36 (vs. $0.34) and revenue of $407.2M (up 9.8% YoY), pays a $0.11 quarterly dividend (1.0% yield), and has an average analyst rating of Hold with a $51.63 consensus price target.

Tudor Investment Corp ET AL reduced its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 48.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 45,588 shares of the company's stock after selling 42,168 shares during the quarter. Tudor Investment Corp ET AL's holdings in Zurn Elkay Water Solutions Cor were worth $2,144,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ZWS. Advisory Services Network LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor during the 3rd quarter valued at about $25,000. Fifth Third Bancorp lifted its holdings in Zurn Elkay Water Solutions Cor by 49.7% in the third quarter. Fifth Third Bancorp now owns 771 shares of the company's stock worth $36,000 after acquiring an additional 256 shares during the last quarter. First Horizon Corp bought a new position in Zurn Elkay Water Solutions Cor in the third quarter worth about $45,000. Covestor Ltd boosted its stake in Zurn Elkay Water Solutions Cor by 180.3% in the third quarter. Covestor Ltd now owns 967 shares of the company's stock valued at $46,000 after acquiring an additional 622 shares during the period. Finally, Allworth Financial LP boosted its stake in Zurn Elkay Water Solutions Cor by 507.5% in the third quarter. Allworth Financial LP now owns 978 shares of the company's stock valued at $46,000 after acquiring an additional 817 shares during the period. 83.33% of the stock is owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Price Performance

Shares of NYSE:ZWS opened at $44.39 on Friday. The firm's 50 day moving average is $48.25 and its two-hundred day moving average is $47.37. Zurn Elkay Water Solutions Cor has a 52 week low of $27.74 and a 52 week high of $53.17. The firm has a market capitalization of $7.44 billion, a P/E ratio of 38.60, a PEG ratio of 1.85 and a beta of 1.04. The company has a current ratio of 3.13, a quick ratio of 2.07 and a debt-to-equity ratio of 0.31.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. Zurn Elkay Water Solutions Cor had a return on equity of 16.54% and a net margin of 11.68%.The business had revenue of $407.20 million during the quarter, compared to the consensus estimate of $400.75 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The business's revenue was up 9.8% on a year-over-year basis. Analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, February 20th. Zurn Elkay Water Solutions Cor's payout ratio is 38.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ZWS shares. Royal Bank Of Canada increased their price target on Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 5th. Zacks Research lowered Zurn Elkay Water Solutions Cor from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 29th. Robert W. Baird set a $56.00 price objective on Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. Oppenheimer increased their target price on Zurn Elkay Water Solutions Cor from $53.00 to $57.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $51.63.

Insider Activity at Zurn Elkay Water Solutions Cor

In other news, Director Timothy J. Jahnke sold 25,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $51.18, for a total value of $1,279,500.00. Following the completion of the transaction, the director owned 266,864 shares of the company's stock, valued at approximately $13,658,099.52. This represents a 8.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd A. Adams sold 275,050 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $51.78, for a total transaction of $14,242,089.00. Following the completion of the transaction, the chief executive officer owned 2,256,684 shares of the company's stock, valued at $116,851,097.52. This represents a 10.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 599,259 shares of company stock worth $31,225,361 in the last ninety days. 2.40% of the stock is currently owned by corporate insiders.

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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