Zurn Elkay Water Solutions Cor $ZWS Shares Sold by UBS Group AG

Key Points

• UBS Group AG reduced its stake in Zurn Elkay Water Solutions by 23.5% in the fourth quarter, selling 112,701 shares and ending with 366,465 shares valued at about $17.0 million.
• Analysts remain cautiously positive on ZWS, with a consensus rating of “Moderate Buy” and an average price target of $54.88; several firms recently reiterated or adjusted ratings and targets, including Oppenheimer, Stifel, Robert W. Baird, and UBS.
• The company reported solid quarterly results, posting $0.41 EPS on $433 million in revenue, both ahead of estimates, while also announcing a quarterly dividend of $0.11 per share to be paid June 5.

UBS Group AG trimmed its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 23.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 366,465 shares of the company's stock after selling 112,701 shares during the period. UBS Group AG owned 0.22% of Zurn Elkay Water Solutions Cor worth $17,037,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Advisory Services Network LLC acquired a new position in shares of Zurn Elkay Water Solutions Cor during the 3rd quarter worth about $25,000. V Square Quantitative Management LLC acquired a new stake in Zurn Elkay Water Solutions Cor in the 4th quarter worth about $26,000. Fifth Third Bancorp increased its stake in Zurn Elkay Water Solutions Cor by 49.7% during the 3rd quarter. Fifth Third Bancorp now owns 771 shares of the company's stock worth $36,000 after buying an additional 256 shares in the last quarter. First Horizon Corp purchased a new stake in Zurn Elkay Water Solutions Cor during the 3rd quarter worth approximately $45,000. Finally, Covestor Ltd raised its holdings in shares of Zurn Elkay Water Solutions Cor by 180.3% during 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 last quarter. Institutional investors and hedge funds own 83.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ZWS shares. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Stifel Nicolaus increased their price objective on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Robert W. Baird decreased their price objective on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, April 23rd. Weiss Ratings raised shares of Zurn Elkay Water Solutions Cor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, April 29th. Finally, UBS Group set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.88.

Zurn Elkay Water Solutions Cor Price Performance

ZWS stock opened at $49.78 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11. The business has a 50 day simple moving average of $47.87 and a 200-day simple moving average of $47.81. The firm has a market capitalization of $8.31 billion, a PE ratio of 40.14, a price-to-earnings-growth ratio of 2.02 and a beta of 1.11. Zurn Elkay Water Solutions Cor has a 1 year low of $35.06 and a 1 year high of $53.76.

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

Zurn Elkay Water Solutions Cor Dividend Announcement

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

Insider Activity

In other Zurn Elkay Water Solutions Cor news, Director Timothy J. Jahnke sold 25,000 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $51.18, for a total transaction of $1,279,500.00. Following the transaction, the director directly owned 266,864 shares of the company's stock, valued at $13,658,099.52. The trade was a 8.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sudhanshu Chhabra sold 2,021 shares of the business's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $50.85, for a total transaction of $102,767.85. Following the completion of the transaction, the vice president owned 69,556 shares in the company, valued at $3,536,922.60. The trade was a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 27,468 shares of company stock worth $1,405,002. Corporate insiders own 2.40% of the company's stock.

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.

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.