Zurn Elkay Water Solutions Cor $ZWS Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management cut its stake in Zurn Elkay Water Solutions by 46.4% in the fourth quarter, selling 25,169 shares and leaving it with 29,108 shares valued at about $1.35 million.
• Zurn Elkay reported better-than-expected quarterly results, posting EPS of $0.41 versus $0.37 expected and revenue of $433 million, up 11.4% year over year.
• The company declared a quarterly dividend of $0.11 per share, payable June 5, while analysts currently rate the stock a Moderate Buy with an average target price of $54.88.

King Luther Capital Management Corp decreased its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 46.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,108 shares of the company's stock after selling 25,169 shares during the period. King Luther Capital Management Corp's holdings in Zurn Elkay Water Solutions Cor were worth $1,353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter valued at about $7,356,000. JPMorgan Chase & Co. lifted its stake in shares of Zurn Elkay Water Solutions Cor by 8.4% in the third quarter. JPMorgan Chase & Co. now owns 1,457,689 shares of the company's stock valued at $68,555,000 after purchasing an additional 113,425 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Zurn Elkay Water Solutions Cor by 27.9% in the third quarter. Fisher Asset Management LLC now owns 1,021,874 shares of the company's stock valued at $48,059,000 after purchasing an additional 223,168 shares during the period. Azzad Asset Management Inc. ADV acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter valued at about $1,205,000. Finally, Allspring Global Investments Holdings LLC raised its position in Zurn Elkay Water Solutions Cor by 73.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 130,827 shares of the company's stock worth $6,129,000 after acquiring an additional 55,490 shares during the last quarter. Institutional investors and hedge funds own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS opened at $47.01 on Friday. The company has a 50-day moving average of $48.05 and a two-hundred day moving average of $47.90. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.85 billion, a P/E ratio of 37.91, a PEG ratio of 1.86 and a beta of 1.11. Zurn Elkay Water Solutions Cor has a 12-month low of $35.06 and a 12-month high of $53.76.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The business had revenue of $433.00 million during the quarter, compared to analyst estimates of $418.99 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The company's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. As a group, research analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 20th. Zurn Elkay Water Solutions Cor's payout ratio is currently 35.48%.

Analyst Upgrades and Downgrades

ZWS has been the subject of a number of research reports. Robert W. Baird cut their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, April 23rd. Oppenheimer restated an "outperform" rating and set a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Weiss Ratings upgraded shares of Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, April 29th. Stifel Nicolaus lifted their target price on shares of Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $50.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.88.

About Zurn Elkay Water Solutions Cor

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.

Want to see what other hedge funds are holding ZWS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.