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

Key Points

• Wellington Management reduced its Zurn Elkay Water Solutions stake by 2.5%, selling 25,323 shares and retaining 1.01 million shares valued at approximately $50.8 million. Institutional investors collectively own 83.33% of the company.
• Analysts remain generally bullish, with ZWS holding a consensus “Moderate Buy” rating and an average price target of $57.22. Recent targets range from $55 to $62, while Zacks upgraded the stock to “Strong Buy.”
• Zurn Elkay reported quarterly EPS of $0.50 and revenue of $491 million, exceeding estimates, with revenue up 10.5% year over year. The company also declared a quarterly dividend of $0.11 per share, implying a 0.9% annual yield.

Wellington Management Group LLP lessened its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 2.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,005,759 shares of the company's stock after selling 25,323 shares during the quarter. Wellington Management Group LLP owned about 0.61% of Zurn Elkay Water Solutions Cor worth $50,821,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter valued at about $2,870,000. Deutsche Bank AG purchased a new position in Zurn Elkay Water Solutions Cor during the second quarter worth about $8,205,000. WINTON GROUP Ltd acquired a new position in Zurn Elkay Water Solutions Cor in the 4th quarter valued at about $6,305,000. SG Americas Securities LLC grew its stake in shares of Zurn Elkay Water Solutions Cor by 53.5% in the 1st quarter. SG Americas Securities LLC now owns 45,125 shares of the company's stock valued at $2,023,000 after buying an additional 15,735 shares during the period. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of Zurn Elkay Water Solutions Cor by 15.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 114,668 shares of the company's stock worth $5,142,000 after buying an additional 14,958 shares during the last quarter. Hedge funds and other institutional investors own 83.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Royal Bank Of Canada upped their price objective on Zurn Elkay Water Solutions Cor from $56.00 to $58.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $55.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Wednesday, July 29th. Stifel Nicolaus raised their price objective on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Barclays boosted their price objective on shares of Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Finally, Zacks Research raised shares of Zurn Elkay Water Solutions Cor from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Zurn Elkay Water Solutions Cor presently has an average rating of "Moderate Buy" and an average target price of $57.22.

Insiders Place Their Bets

In other Zurn Elkay Water Solutions Cor news, Director Jacques Butler bought 2,016 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were purchased at an average cost of $49.60 per share, with a total value of $99,993.60. Following the purchase, the director directly owned 37,487 shares in the company, valued at approximately $1,859,355.20. This represents a 5.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.40% of the stock is currently owned by insiders.

Zurn Elkay Water Solutions Cor Price Performance

ZWS opened at $47.64 on Friday. The stock's 50-day moving average price is $49.19 and its 200 day moving average price is $48.64. Zurn Elkay Water Solutions Cor has a 12-month low of $43.06 and a 12-month high of $55.00. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 1.72 and a beta of 1.02. The company has a current ratio of 3.05, a quick ratio of 2.13 and a debt-to-equity ratio of 0.30.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million during the quarter, compared to the consensus estimate of $483.04 million. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.Zurn Elkay Water Solutions Cor's revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. As a group, sell-side analysts expect that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be issued a $0.11 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. Zurn Elkay Water Solutions Cor's payout ratio is 27.16%.

Zurn Elkay Water Solutions Cor Company 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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