Zurn Elkay Water Solutions Cor (NYSE:ZWS) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) from a strong-buy rating to a hold rating in a report published on Monday, Marketbeat reports.

A number of other research analysts have also recently issued reports on ZWS. Weiss Ratings reiterated a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a report on Monday. Jefferies Financial Group initiated coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, December 12th. They issued a “buy” rating and a $58.00 target price on the stock. The Goldman Sachs Group reiterated a “neutral” rating on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. Oppenheimer set a $53.00 target price on shares of Zurn Elkay Water Solutions Cor and gave the company an “outperform” rating in a report on Friday, October 31st. Finally, Mizuho set a $49.00 price target on Zurn Elkay Water Solutions Cor in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Zurn Elkay Water Solutions Cor currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS opened at $47.36 on Monday. The stock has a market capitalization of $7.93 billion, a P/E ratio of 42.29, a price-to-earnings-growth ratio of 2.27 and a beta of 1.08. The firm’s fifty day simple moving average is $47.09 and its two-hundred day simple moving average is $44.33. The company has a current ratio of 2.78, a quick ratio of 1.83 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Cor has a 12 month low of $27.74 and a 12 month high of $50.03.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.03. Zurn Elkay Water Solutions Cor had a net margin of 11.59% and a return on equity of 16.26%. The company had revenue of $455.40 million during the quarter, compared to analyst estimates of $442.62 million. Zurn Elkay Water Solutions Cor’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 EPS. As a group, analysts predict that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Cor Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Thursday, November 20th were paid a $0.11 dividend. This is an increase from Zurn Elkay Water Solutions Cor’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, November 20th. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. Zurn Elkay Water Solutions Cor’s payout ratio is presently 39.29%.

Insiders Place Their Bets

In other Zurn Elkay Water Solutions Cor news, Director Timothy J. Jahnke sold 7,461 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $47.50, for a total transaction of $354,397.50. Following the completion of the sale, the director owned 162,000 shares of the company’s stock, valued at $7,695,000. This represents a 4.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 20,100 shares of company stock worth $960,105. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. HM Payson & Co. lifted its holdings in Zurn Elkay Water Solutions Cor by 12.0% in the 3rd quarter. HM Payson & Co. now owns 2,303 shares of the company’s stock worth $108,000 after buying an additional 246 shares during the period. Fifth Third Bancorp lifted its stake in Zurn Elkay Water Solutions Cor by 49.7% in the third quarter. Fifth Third Bancorp now owns 771 shares of the company’s stock worth $36,000 after acquiring an additional 256 shares during the period. Archer Investment Corp boosted its holdings in Zurn Elkay Water Solutions Cor by 8.9% in the third quarter. Archer Investment Corp now owns 3,595 shares of the company’s stock valued at $169,000 after acquiring an additional 295 shares in the last quarter. Thrive Wealth Management LLC increased its position in Zurn Elkay Water Solutions Cor by 3.8% during the 3rd quarter. Thrive Wealth Management LLC now owns 8,713 shares of the company’s stock valued at $410,000 after purchasing an additional 323 shares during the period. Finally, IFP Advisors Inc raised 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 purchasing an additional 339 shares in 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.