Zurn Elkay Water Solutions Cor $ZWS Stock: Vest Financial LLC Raises Holdings

Key Points

• Vest Financial more than doubled its ZWS position in the third quarter, increasing holdings by 117.3% to 78,941 shares valued at approximately $3.67 million. Institutional investors collectively own 83.33% of the company.
• Zurn Elkay reported quarterly revenue of $491 million and earnings per share of $0.50, exceeding analyst estimates, while revenue rose 10.5% year over year. The company also raised its quarterly dividend from $0.11 to $0.13 per share.
• Analyst sentiment remains favorable but mixed, with five Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $57, compared with a recent share price near $48.54.

Vest Financial LLC lifted its position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS - Free Report) by 117.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,941 shares of the company's stock after purchasing an additional 42,605 shares during the period. Vest Financial LLC's holdings in Zurn Elkay Water Solutions Cor were worth $3,668,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ZWS. Arizona State Retirement System raised its holdings in Zurn Elkay Water Solutions Cor by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 41,607 shares of the company's stock valued at $2,102,000 after acquiring an additional 220 shares during the period. Assetmark Inc. increased its holdings in shares of Zurn Elkay Water Solutions Cor by 53.0% during the first quarter. Assetmark Inc. now owns 843 shares of the company's stock worth $38,000 after purchasing an additional 292 shares during the period. GAMMA Investing LLC increased its holdings in shares of Zurn Elkay Water Solutions Cor by 9.8% during the second quarter. GAMMA Investing LLC now owns 3,708 shares of the company's stock worth $187,000 after purchasing an additional 331 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Zurn Elkay Water Solutions Cor by 26.1% during the third quarter. Farther Finance Advisors LLC now owns 1,688 shares of the company's stock worth $78,000 after purchasing an additional 349 shares during the period. Finally, Bleakley Financial Group LLC raised its position in shares of Zurn Elkay Water Solutions Cor by 1.8% in the first quarter. Bleakley Financial Group LLC now owns 22,285 shares of the company's stock valued at $999,000 after buying an additional 394 shares in the last quarter. Institutional investors own 83.33% of the company's stock.

Insider Buying and Selling at Zurn Elkay Water Solutions Cor

In related news, Director Jacques Butler purchased 2,016 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $49.60 per share, for a total transaction of $99,993.60. Following the purchase, the director owned 37,487 shares in the company, valued at approximately $1,859,355.20. This trade represents a 5.68% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.40% of the company's stock.

Zurn Elkay Water Solutions Cor Price Performance

Zurn Elkay Water Solutions Cor stock opened at $48.54 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.05. Zurn Elkay Water Solutions Cor has a 52 week low of $43.06 and a 52 week high of $55.00. The stock has a market capitalization of $8.05 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 1.77 and a beta of 1.07. The stock has a fifty day moving average of $47.39 and a 200-day moving average of $48.50.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its quarterly earnings data 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. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%. The business had revenue of $491.00 million for the quarter, compared to analyst estimates of $483.04 million. During the same period last year, the firm posted $0.42 earnings per share. Zurn Elkay Water Solutions Cor's revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts expect that Zurn Elkay Water Solutions Cor will post 1.83 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Friday, November 20th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 20th. This is an increase from Zurn Elkay Water Solutions Cor's previous quarterly dividend of $0.11. Zurn Elkay Water Solutions Cor's dividend payout ratio is 27.16%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ZWS shares. Zacks Research cut Zurn Elkay Water Solutions Cor from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $55.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Oppenheimer increased their price objective on shares of Zurn Elkay Water Solutions Cor from $58.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 9th. Weiss Ratings reissued a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a report on Thursday. Finally, Royal Bank Of Canada decreased their target price on shares of Zurn Elkay Water Solutions Cor from $58.00 to $54.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 14th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $57.00.

Zurn Elkay Water Solutions Cor Profile

Zurn Elkay Water Solutions Corporation NYSE: ZWS is a manufacturer of products and systems used to manage, conserve and protect water in commercial, institutional, industrial and residential buildings. The company provides plumbing and water-management solutions designed to support water distribution, drainage, safety, hygiene and efficiency.

Its product portfolio includes commercial faucets, flush valves, fixtures, drains, plumbing specialties, backflow-prevention devices, water coolers, bottle-filling stations, water filtration systems and related accessories.

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