NewEdge Wealth LLC Decreases Stock Position in Zurn Elkay Water Solutions Cor $ZWS

NewEdge Wealth LLC cut its holdings in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 15.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,823 shares of the company’s stock after selling 18,467 shares during the period. NewEdge Wealth LLC owned about 0.06% of Zurn Elkay Water Solutions Cor worth $4,700,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Advisory Services Network LLC bought a new stake in Zurn Elkay Water Solutions Cor during the third quarter valued at $25,000. V Square Quantitative Management LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor during the fourth quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in Zurn Elkay Water Solutions Cor during the 4th quarter valued at $35,000. Hantz Financial Services Inc. raised its stake in shares of 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 valued at $37,000 after purchasing an additional 468 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Zurn Elkay Water Solutions Cor by 53.0% during the 1st quarter. Assetmark Inc. now owns 843 shares of the company’s stock worth $38,000 after buying an additional 292 shares in the last quarter. Institutional investors own 83.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on ZWS. Barclays began coverage on shares of Zurn Elkay Water Solutions Cor in a report on Tuesday, June 30th. They set an “overweight” rating and a $59.00 target price for the company. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Royal Bank Of Canada increased their target price on shares of Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded shares of Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. Finally, UBS Group set a $56.00 target price on Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.00.

Zurn Elkay Water Solutions Cor Stock Up 1.7%

Shares of ZWS stock opened at $48.28 on Friday. The company has a market capitalization of $8.06 billion, a price-to-earnings ratio of 38.93, a P/E/G ratio of 1.88 and a beta of 1.04. The firm has a fifty day moving average of $48.26 and a 200-day moving average of $48.26. The company has a quick ratio of 2.11, a current ratio of 3.24 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Cor has a 12-month low of $37.25 and a 12-month high of $53.76.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last released its quarterly earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The firm had revenue of $433.00 million during the quarter, compared to the consensus estimate of $418.99 million. During the same quarter in the prior year, the firm posted $0.31 EPS. The business’s revenue was up 11.4% on a year-over-year basis. As a group, equities research analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 35.48%.

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.