Allspring Global Investments Holdings LLC Cuts Stake in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Allspring Global Investments Holdings LLC cut its stake in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 682,339 shares of the company's stock after selling 158,063 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.39% of Zurn Elkay Water Solutions worth $20,068,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its stake in Zurn Elkay Water Solutions by 111,056.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 21,777,778 shares of the company's stock worth $460,600,000 after purchasing an additional 21,758,186 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Zurn Elkay Water Solutions by 145.1% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,210,447 shares of the company's stock worth $202,037,000 after acquiring an additional 4,268,785 shares during the last quarter. BlackRock Inc. grew its position in Zurn Elkay Water Solutions by 33.7% in the 2nd quarter. BlackRock Inc. now owns 11,869,166 shares of the company's stock valued at $319,162,000 after acquiring an additional 2,994,006 shares during the last quarter. Vanguard Group Inc. increased its stake in Zurn Elkay Water Solutions by 18.4% in the third quarter. Vanguard Group Inc. now owns 13,446,027 shares of the company's stock worth $329,428,000 after purchasing an additional 2,085,426 shares during the period. Finally, Franklin Resources Inc. bought a new stake in shares of Zurn Elkay Water Solutions during the first quarter worth $31,725,000. 83.33% of the stock is owned by hedge funds and other institutional investors.

Zurn Elkay Water Solutions Price Performance

Shares of Zurn Elkay Water Solutions stock traded down $0.25 on Monday, hitting $31.66. The company's stock had a trading volume of 855,450 shares, compared to its average volume of 961,982. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.77 and a current ratio of 3.02. Zurn Elkay Water Solutions Co. has a 1 year low of $20.06 and a 1 year high of $34.58. The firm has a fifty day moving average price of $31.97 and a 200-day moving average price of $29.74. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of 48.37, a price-to-earnings-growth ratio of 1.78 and a beta of 1.22.

Zurn Elkay Water Solutions (NYSE:ZWS - Get Free Report) last announced its earnings results on Monday, February 5th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. The business had revenue of $356.80 million during the quarter, compared to analysts' expectations of $350.55 million. Zurn Elkay Water Solutions had a return on equity of 10.75% and a net margin of 7.36%. The business's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.16 earnings per share. As a group, sell-side analysts anticipate that Zurn Elkay Water Solutions Co. will post 1.15 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Tuesday, February 20th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Friday, February 16th. Zurn Elkay Water Solutions's dividend payout ratio is currently 49.23%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Stifel Nicolaus downgraded shares of Zurn Elkay Water Solutions from a "buy" rating to a "hold" rating and set a $31.00 price target for the company. in a research note on Tuesday, December 19th. BNP Paribas began coverage on Zurn Elkay Water Solutions in a research note on Tuesday, March 12th. They set an "outperform" rating and a $40.00 price target on the stock. Oppenheimer upped their price objective on shares of Zurn Elkay Water Solutions from $36.00 to $37.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Mizuho downgraded shares of Zurn Elkay Water Solutions from a "buy" rating to a "neutral" rating and set a $34.00 target price on the stock. in a research report on Friday, February 9th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $32.75.

Insider Buying and Selling

In related news, CEO Todd A. Adams sold 129,604 shares of the company's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $33.06, for a total value of $4,284,708.24. Following the transaction, the chief executive officer now directly owns 1,828,550 shares in the company, valued at $60,451,863. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Todd A. Adams sold 129,604 shares of Zurn Elkay Water Solutions stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $33.06, for a total value of $4,284,708.24. Following the completion of the sale, the chief executive officer now directly owns 1,828,550 shares of the company's stock, valued at $60,451,863. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy J. Jahnke sold 30,000 shares of the firm's stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $33.09, for a total value of $992,700.00. Following the transaction, the director now owns 589,275 shares of the company's stock, valued at $19,499,109.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 343,243 shares of company stock worth $11,217,501. Insiders own 3.00% of the company's stock.

About Zurn Elkay Water Solutions

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.