Principal Financial Group Inc. Reduces Stake in Zurn Elkay Water Solutions Cor $ZWS

Principal Financial Group Inc. lessened its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 8.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,112,061 shares of the company’s stock after selling 204,827 shares during the quarter. Principal Financial Group Inc.’s holdings in Zurn Elkay Water Solutions Cor were worth $99,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Empowered Funds LLC acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the first quarter worth $277,000. Woodline Partners LP purchased a new stake in Zurn Elkay Water Solutions Cor in the first quarter valued at $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Zurn Elkay Water Solutions Cor by 5.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company’s stock worth $16,127,000 after purchasing an additional 24,348 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Zurn Elkay Water Solutions Cor by 376.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,462 shares of the company’s stock valued at $163,000 after buying an additional 3,526 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 11.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 10,622 shares of the company’s stock valued at $388,000 after buying an additional 1,099 shares during the period. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Price Performance

Zurn Elkay Water Solutions Cor stock opened at $46.91 on Tuesday. The stock has a market capitalization of $7.85 billion, a P/E ratio of 41.88, a P/E/G ratio of 1.90 and a beta of 1.08. The company’s fifty day moving average price is $47.05 and its 200 day moving average price is $46.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.83 and a current ratio of 2.78. Zurn Elkay Water Solutions Cor has a 1 year low of $27.74 and a 1 year high of $50.03.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, February 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 39.29%.

Insiders Place Their Bets

In related news, Director Timothy J. Jahnke sold 10,539 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $47.51, for a total value of $500,707.89. Following the sale, the director directly owned 169,461 shares in the company, valued at approximately $8,051,092.11. The trade was a 5.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ZWS shares. Zacks Research lowered Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Royal Bank Of Canada assumed coverage on Zurn Elkay Water Solutions Cor in a research report on Monday, January 5th. They issued a “sector perform” rating and a $49.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a report on Monday, December 29th. Mizuho set a $49.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group restated a “neutral” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.50.

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.