Robert W. Baird Has Lowered Expectations for Zurn Elkay Water Solutions Cor (NYSE:ZWS) Stock Price

Key Points

• Robert W. Baird cut its price target on Zurn Elkay Water Solutions (NYSE:ZWS) from $56 to $53 and kept a "neutral" rating, implying only about a 1.3% upside from the current price.
• Zurn Elkay beat quarterly estimates with $0.41 EPS (vs. $0.37 expected) and $433M revenue (+11.4% YoY), and the analyst consensus sits at a "Moderate Buy" with an average target of about $53.57.
• Company insiders have sold heavily recently — 599,259 shares worth roughly $31.2M in the last 90 days — leaving insiders with about 2.4% ownership.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) had its target price dropped by equities researchers at Robert W. Baird from $56.00 to $53.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Robert W. Baird's price target suggests a potential upside of 1.26% from the company's current price.

A number of other brokerages have also issued reports on ZWS. Zacks Research lowered shares of Zurn Elkay Water Solutions Cor from a "strong-buy" rating to a "hold" rating in a report on Monday, December 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Zurn Elkay Water Solutions Cor in a report on Monday, December 29th. Oppenheimer raised their price objective on shares of Zurn Elkay Water Solutions Cor from $53.00 to $57.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. Royal Bank Of Canada raised their price objective on shares of Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 5th. Finally, Stifel Nicolaus reduced their price objective on shares of Zurn Elkay Water Solutions Cor from $59.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Four equities 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 currently has an average rating of "Moderate Buy" and an average target price of $53.57.

Zurn Elkay Water Solutions Cor Trading Up 9.2%

Shares of Zurn Elkay Water Solutions Cor stock opened at $52.34 on Thursday. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 42.21, a PEG ratio of 2.00 and a beta of 1.07. The company has a quick ratio of 2.07, a current ratio of 3.13 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Cor has a 12-month low of $30.56 and a 12-month high of $53.17. The firm's 50-day moving average price is $47.72 and its two-hundred day moving average price is $47.39.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. The firm had revenue of $433.00 million during the quarter, compared to analysts' expectations of $418.99 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.45%. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. On average, analysts forecast that Zurn Elkay Water Solutions Cor will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In other Zurn Elkay Water Solutions Cor news, CFO David J. Pauli sold 7,639 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $51.80, for a total transaction of $395,700.20. Following the transaction, the chief financial officer directly owned 66,807 shares of the company's stock, valued at $3,460,602.60. The trade was a 10.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy J. Jahnke sold 25,000 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $51.18, for a total value of $1,279,500.00. Following the sale, the director owned 266,864 shares in the company, valued at $13,658,099.52. The trade was a 8.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 599,259 shares of company stock worth $31,225,361. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

A number of hedge funds have recently made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Zurn Elkay Water Solutions Cor by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,944,518 shares of the company's stock worth $279,571,000 after purchasing an additional 201,299 shares during the period. State Street Corp raised its stake in shares of Zurn Elkay Water Solutions Cor by 0.6% during the 2nd quarter. State Street Corp now owns 5,381,619 shares of the company's stock worth $196,806,000 after purchasing an additional 30,483 shares during the period. Geode Capital Management LLC raised its stake in shares of Zurn Elkay Water Solutions Cor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company's stock worth $164,716,000 after purchasing an additional 15,232 shares during the period. Alliancebernstein L.P. raised its stake in shares of Zurn Elkay Water Solutions Cor by 1,714.8% during the 3rd quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company's stock worth $158,478,000 after purchasing an additional 3,184,048 shares during the period. Finally, First Trust Advisors LP raised its stake in Zurn Elkay Water Solutions Cor by 51.9% in the 4th quarter. First Trust Advisors LP now owns 3,303,735 shares of the company's stock valued at $153,591,000 after acquiring an additional 1,128,917 shares during the period. 83.33% of the stock is currently owned by institutional investors.

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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