Zurn Elkay Water Solutions Cor $ZWS Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Zurn Elkay Water Solutions by 1.7%, now owning approximately 4.44 million shares, worth $146.4 million.
• Zurn Elkay Water Solutions Corporation recently reported earnings of $0.42 per share, exceeding analysts' expectations of $0.36, with revenue growth of 7.9% year-over-year.
• The company declared a quarterly dividend of $0.09, which will yield 0.8% annually, with an ex-dividend date set for August 20th.

Wellington Management Group LLP lessened its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,439,591 shares of the company's stock after selling 75,912 shares during the period. Wellington Management Group LLP owned 2.64% of Zurn Elkay Water Solutions Cor worth $146,418,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Zurn Elkay Water Solutions Cor during the 1st quarter worth approximately $265,000. Y Intercept Hong Kong Ltd acquired a new stake in Zurn Elkay Water Solutions Cor during the 1st quarter valued at $448,000. LPL Financial LLC grew its holdings in Zurn Elkay Water Solutions Cor by 2.2% during the 1st quarter. LPL Financial LLC now owns 98,183 shares of the company's stock valued at $3,238,000 after buying an additional 2,103 shares during the last quarter. GAMMA Investing LLC increased its position in Zurn Elkay Water Solutions Cor by 3,250.8% during the first quarter. GAMMA Investing LLC now owns 31,397 shares of the company's stock worth $952,000 after buying an additional 30,460 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 28.1% in the first quarter. PNC Financial Services Group Inc. now owns 9,990 shares of the company's stock worth $329,000 after acquiring an additional 2,193 shares during the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 on Thursday, July 31st. The shares were sold at an average price of $43.61, for a total value of $4,750,437.30. Following the transaction, the vice president owned 94,330 shares in the company, valued at $4,113,731.30. This trade represents a 53.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy J. Jahnke sold 9,857 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $45.06, for a total value 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 sold 148,930 shares of company stock valued at $6,501,529. 2.60% of the stock is owned by insiders.

Zurn Elkay Water Solutions Cor Trading Up 4.0%

Shares of NYSE:ZWS traded up $1.78 during midday trading on Friday, reaching $46.20. The company's stock had a trading volume of 818,309 shares, compared to its average volume of 1,358,357. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 45.74, a price-to-earnings-growth ratio of 2.48 and a beta of 1.03. The company has a quick ratio of 1.72, a current ratio of 2.71 and a debt-to-equity ratio of 0.32. Zurn Elkay Water Solutions Cor has a 1 year low of $27.74 and a 1 year high of $46.37. The business has a 50 day moving average price of $39.78 and a 200 day moving average price of $36.16.

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. Zurn Elkay Water Solutions Cor had a return on equity of 15.23% and a net margin of 10.78%.The firm had revenue of $444.50 million for the quarter, compared to the consensus estimate of $424.55 million. During the same period in the prior year, the business posted $0.33 earnings per share. The firm's revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Wednesday, August 20th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $0.36 annualized dividend and a dividend yield of 0.8%. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is currently 35.64%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Stifel Nicolaus increased their price objective on Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $36.00 target price 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 assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $38.00.

Zurn Elkay Water Solutions Cor 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.