Zurn Elkay Water Solutions Cor (NYSE:ZWS) Hits New 52-Week High - Here's What Happened

Key Points

• Zurn Elkay Water Solutions Cor's stock reached a new 52-week high of $45.00 amidst a trading volume of over 1.7 million shares.
• Wall Street analysts have mixed ratings on the stock, with a consensus rating of "Hold" and a target price averaging $38.00, following recent adjustments from several firms.
• The company announced a quarterly dividend of $0.09, indicating an annualized yield of 0.8%, with a current payout ratio of 35.64%.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $45.00 and last traded at $43.85, with a volume of 1710421 shares. The stock had previously closed at $44.98.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ZWS. Robert W. Baird cut their price target on Zurn Elkay Water Solutions Cor from $42.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. BNP Paribas cut Zurn Elkay Water Solutions Cor from an "outperform" rating to a "neutral" rating and set a $29.00 price objective on the stock. in a report on Wednesday, April 9th. Stifel Nicolaus lifted their target price on Zurn Elkay Water Solutions Cor from $43.00 to $50.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Mizuho set a $36.00 price target on Zurn Elkay Water Solutions Cor in a research report on Friday, May 16th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $38.00.

Zurn Elkay Water Solutions Cor Trading Up 0.3%

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 2.71. The stock has a market cap of $7.45 billion, a P/E ratio of 44.03, a P/E/G ratio of 2.38 and a beta of 1.03. The stock has a 50-day moving average price of $37.82 and a 200-day moving average price of $35.73.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.06. Zurn Elkay Water Solutions Cor had a net margin of 10.78% and a return on equity of 15.23%. The business had revenue of $444.50 million during the quarter, compared to analysts' expectations of $424.55 million. During the same quarter in the previous year, the company earned $0.33 EPS. The business's quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The company 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 $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Wednesday, August 20th. Zurn Elkay Water Solutions Cor's dividend payout ratio is presently 35.64%.

Insider Activity

In related news, Director Timothy J. Jahnke sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $43.73, for a total value of $874,600.00. Following the completion of the sale, the director owned 180,000 shares in the company, valued at $7,871,400. The trade was a 10.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David J. Pauli sold 2,706 shares of Zurn Elkay Water Solutions Cor stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $37.11, for a total transaction of $100,419.66. Following the transaction, the chief financial officer directly owned 60,772 shares in the company, valued at $2,255,248.92. This trade represents a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,700 shares of company stock worth $7,121,794. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

A number of hedge funds and other institutional investors have recently modified their holdings of ZWS. Venturi Wealth Management LLC grew its stake in shares of Zurn Elkay Water Solutions Cor by 3.6% in the first quarter. Venturi Wealth Management LLC now owns 9,777 shares of the company's stock worth $322,000 after purchasing an additional 336 shares during the last quarter. IFP Advisors Inc lifted its holdings in Zurn Elkay Water Solutions Cor by 12.5% in the 2nd quarter. IFP Advisors Inc now owns 3,058 shares of the company's stock worth $112,000 after buying an additional 339 shares during the period. Yousif Capital Management LLC grew its position in shares of Zurn Elkay Water Solutions Cor by 0.7% in the 2nd quarter. Yousif Capital Management LLC now owns 53,654 shares of the company's stock worth $1,962,000 after buying an additional 354 shares during the last quarter. Axxcess Wealth Management LLC increased its stake in shares of Zurn Elkay Water Solutions Cor by 3.9% during the first quarter. Axxcess Wealth Management LLC now owns 9,461 shares of the company's stock valued at $312,000 after buying an additional 358 shares during the period. Finally, Central Pacific Bank Trust Division raised its holdings in shares of Zurn Elkay Water Solutions Cor by 8.4% during the second quarter. Central Pacific Bank Trust Division now owns 4,771 shares of the company's stock valued at $174,000 after acquiring an additional 371 shares in the last quarter. Institutional investors own 83.33% of the company's stock.

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.