Zurn Elkay Water Solutions Cor $ZWS Stake Increased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Zurn Elkay Water Solutions Corporation by 53.5% during the first quarter, now holding 67,843 shares worth approximately $2.22 million.
• The company reported earnings of $0.42 per share, exceeding estimates, and a 7.9% revenue increase year-over-year, totaling $444.50 million for the quarter.
• Zurn Elkay Water Solutions announced a quarterly dividend of $0.09 per share, translating to an annual yield of 0.8%, set to be paid on September 5th.

Hsbc Holdings PLC grew its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 53.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,843 shares of the company's stock after purchasing an additional 23,639 shares during the period. Hsbc Holdings PLC's holdings in Zurn Elkay Water Solutions Cor were worth $2,221,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ZWS. Nuveen LLC purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the first quarter valued at $21,273,000. Vanguard Group Inc. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 2.4% during the first quarter. Vanguard Group Inc. now owns 15,860,934 shares of the company's stock worth $523,094,000 after acquiring an additional 371,635 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 58.6% during the fourth quarter. Ameriprise Financial Inc. now owns 985,576 shares of the company's stock worth $36,762,000 after acquiring an additional 364,142 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Zurn Elkay Water Solutions Cor by 6.5% during the fourth quarter. Janus Henderson Group PLC now owns 4,006,596 shares of the company's stock worth $149,444,000 after acquiring an additional 245,258 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Zurn Elkay Water Solutions Cor by 45.2% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 533,849 shares of the company's stock worth $17,606,000 after acquiring an additional 166,080 shares in the last quarter. Hedge funds and other institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

NYSE ZWS opened at $46.56 on Thursday. Zurn Elkay Water Solutions Cor has a fifty-two week low of $27.74 and a fifty-two week high of $46.60. The stock's 50-day moving average is $40.42 and its two-hundred day moving average is $36.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.71 and a quick ratio of 1.72. The firm has a market cap of $7.80 billion, a P/E ratio of 46.10, a price-to-earnings-growth ratio of 2.47 and a beta of 1.03.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.42 earnings per share for the quarter, beating 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 company had revenue of $444.50 million for the quarter, compared to analyst estimates of $424.55 million. During the same period last year, the company earned $0.33 earnings per share. The business's revenue was up 7.9% compared to the same quarter last year. On average, analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is 35.64%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ZWS shares. Stifel Nicolaus increased their price objective on Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Mizuho set a $36.00 price objective on Zurn Elkay Water Solutions Cor in a report on Friday, May 16th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Zurn Elkay Water Solutions Cor has an average rating of "Hold" and an average price target of $38.00.

Insider Activity

In other news, Director Timothy J. Jahnke sold 20,000 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $43.73, for a total value of $874,600.00. Following the transaction, the director directly owned 180,000 shares in the company, valued at approximately $7,871,400. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sudhanshu Chhabra sold 108,930 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $43.61, for a total value of $4,750,437.30. Following the completion of the transaction, the vice president owned 94,330 shares in the company, valued at $4,113,731.30. The trade was a 53.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,930 shares of company stock worth $6,501,529. Corporate insiders own 2.60% of the company's stock.

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.

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