Perpetual Ltd Grows Stake in Zurn Elkay Water Solutions Cor $ZWS

Key Points

• Perpetual Ltd increased its holdings in Zurn Elkay Water Solutions Cor by **28%**, owning approximately **0.20%** of the company, worth about **$12.4 million**.
• Price targets for Zurn Elkay Water Solutions Cor have been raised by analysts, with Oppenheimer setting a new target of **$52** and Stifel Nicolaus at **$53**.
• The company posted earnings of **$0.42 per share**, exceeding analysts' expectations and showing a **7.9% year-over-year** revenue increase of **$444.5 million**.

Perpetual Ltd boosted its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 28.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 338,479 shares of the company's stock after acquiring an additional 74,083 shares during the quarter. Perpetual Ltd owned 0.20% of Zurn Elkay Water Solutions Cor worth $12,378,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HM Payson & Co. bought a new stake in Zurn Elkay Water Solutions Cor during the 1st quarter worth about $37,000. Federated Hermes Inc. raised its holdings in Zurn Elkay Water Solutions Cor by 3,687.2% in the 1st quarter. Federated Hermes Inc. now owns 1,780 shares of the company's stock valued at $59,000 after acquiring an additional 1,733 shares during the period. Archer Investment Corp bought a new position in Zurn Elkay Water Solutions Cor in the 1st quarter valued at about $99,000. Central Pacific Bank Trust Division raised its holdings in Zurn Elkay Water Solutions Cor by 31.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 4,400 shares of the company's stock valued at $145,000 after acquiring an additional 1,040 shares during the period. Finally, Trexquant Investment LP bought a new position in Zurn Elkay Water Solutions Cor in the 1st quarter valued at about $216,000. 83.33% of the stock is owned by institutional investors.

Insider Transactions at Zurn Elkay Water Solutions Cor

In other news, VP Sudhanshu Chhabra sold 108,930 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $43.61, for a total transaction of $4,750,437.30. Following the completion of the transaction, the vice president directly owned 94,330 shares in the company, valued at $4,113,731.30. This trade represents a 53.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy J. Jahnke sold 20,000 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $43.73, for a total transaction of $874,600.00. Following the transaction, the director owned 180,000 shares in the company, valued at approximately $7,871,400. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,930 shares of company stock valued at $7,452,507 over the last quarter. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Stifel Nicolaus increased their target price on shares of Zurn Elkay Water Solutions Cor from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Oppenheimer increased their target price on shares of Zurn Elkay Water Solutions Cor from $48.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 17th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $40.50.

Zurn Elkay Water Solutions Cor Stock Down 0.2%

ZWS traded down $0.10 during midday trading on Tuesday, hitting $46.85. The company had a trading volume of 126,336 shares, compared to its average volume of 1,007,538. Zurn Elkay Water Solutions Cor has a 52 week low of $27.74 and a 52 week high of $48.42. The company has a quick ratio of 1.72, a current ratio of 2.71 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 46.38, a PEG ratio of 2.51 and a beta of 1.07. The stock's 50 day moving average price is $43.82 and its 200 day moving average price is $37.73.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. The firm had revenue of $444.50 million during the quarter, compared to analysts' expectations of $424.55 million. Zurn Elkay Water Solutions Cor had a net margin of 10.78% and a return on equity of 15.23%. The business's revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. On average, research 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio (DPR) is currently 35.64%.

Zurn Elkay Water Solutions Cor Company 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.