Zurn Elkay Water Solutions Cor (NYSE:ZWS) Hits New 12-Month High - Here's What Happened

Key Points

• Zurn Elkay Water Solutions Corp reached a new 12-month high with shares trading as high as $45.04, closing at $45.10, supported by a volume of 158,120 shares.
• The company reported earnings of $0.42 per share for the last quarter, surpassing estimates and reflecting an increase in revenue by 7.9% year-over-year.
• A recent dividend was announced at $0.09 per share, with a dividend yield of 0.8%, and a payout ratio of 35.64%.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $45.04 and last traded at $45.10, with a volume of 158120 shares. The stock had previously closed at $44.37.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ZWS. Stifel Nicolaus lifted their price target on shares of Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $36.00 target price on Zurn Elkay Water Solutions Cor in a research report on Friday, May 16th. Finally, Robert W. Baird cut their target price on Zurn Elkay Water Solutions Cor from $42.00 to $39.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $38.00.

Zurn Elkay Water Solutions Cor Stock Up 2.3%

The company has a current ratio of 2.71, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32. The firm has a market cap of $7.60 billion, a PE ratio of 44.92, a P/E/G ratio of 2.37 and a beta of 1.03. The business's 50-day simple moving average is $38.16 and its 200 day simple moving average is $35.76.

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 for the quarter, topping analysts' consensus estimates 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 firm had revenue of $444.50 million during the quarter, compared to analysts' expectations of $424.55 million. During the same period in the prior year, the business posted $0.33 EPS. The firm's quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

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

Insider Activity

In other news, VP Sudhanshu Chhabra sold 108,930 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was 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 of the company's stock, valued at $4,113,731.30. This represents a 53.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy J. Jahnke sold 20,000 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $43.73, for a total transaction of $874,600.00. Following the completion of the sale, the director owned 180,000 shares in the company, valued at approximately $7,871,400. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,779 shares of company stock valued at $6,157,792 over the last ninety days. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. purchased a new stake in Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $26,000. First Horizon Advisors Inc. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 249.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 703 shares of the company's stock worth $26,000 after acquiring an additional 502 shares during the period. HM Payson & Co. acquired a new position in shares of Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $37,000. Federated Hermes Inc. boosted its position in shares of Zurn Elkay Water Solutions Cor by 3,687.2% during 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 last quarter. Finally, CWM LLC grew its holdings in shares of Zurn Elkay Water Solutions Cor by 33.8% in the second quarter. CWM LLC now owns 1,799 shares of the company's stock valued at $66,000 after purchasing an additional 454 shares during the period. Institutional investors and hedge funds own 83.33% of the company's stock.

About Zurn Elkay Water Solutions Cor

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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