Zurn Elkay Water Solutions Cor (NYSE:ZWS) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised Zurn Elkay’s price target from $56 to $58 while maintaining a “sector perform” rating, implying 16.31% upside from the current price.
• Analyst sentiment is broadly positive: the stock has five Buy and four Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $57.
• Zurn Elkay exceeded quarterly expectations, reporting $0.50 in earnings per share versus $0.47 expected and $491 million in revenue, up 10.5% year over year.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) had its price objective boosted by analysts at Royal Bank Of Canada from $56.00 to $58.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 16.31% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Stifel Nicolaus increased their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday. The Goldman Sachs Group restated a "neutral" rating and set a $55.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Barclays began coverage on shares of Zurn Elkay Water Solutions Cor in a research report on Tuesday, June 30th. They issued an "overweight" rating and a $59.00 price target on the stock. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Zurn Elkay Water Solutions Cor Price Performance

ZWS traded down $1.68 during trading on Thursday, reaching $49.87. 950,067 shares of the stock were exchanged, compared to its average volume of 1,052,293. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 1.95 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 1 year low of $42.39 and a 1 year high of $55.00. The business's 50 day moving average price is $48.42 and its two-hundred day moving average price is $48.35.

Zurn Elkay Water Solutions Cor (NYSE:ZWS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $491.00 million during the quarter, compared to analysts' expectations of $483.04 million. Zurn Elkay Water Solutions Cor had a return on equity of 18.17% and a net margin of 15.45%.The business's revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. As a group, equities research analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current year.

Institutional Trading of Zurn Elkay Water Solutions Cor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC purchased a new position in shares of Zurn Elkay Water Solutions Cor during the 3rd quarter worth about $25,000. V Square Quantitative Management LLC purchased a new stake in Zurn Elkay Water Solutions Cor in the fourth quarter valued at approximately $26,000. Kemnay Advisory Services Inc. purchased a new stake in Zurn Elkay Water Solutions Cor in the fourth quarter valued at approximately $35,000. Hantz Financial Services Inc. increased its position in Zurn Elkay Water Solutions Cor by 138.9% during the fourth quarter. Hantz Financial Services Inc. now owns 805 shares of the company's stock worth $37,000 after purchasing an additional 468 shares during the last quarter. Finally, Assetmark Inc. increased its position in 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 last quarter. Hedge funds and other institutional investors own 83.33% of the company's stock.

About Zurn Elkay Water Solutions Cor

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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