Zurn Elkay Water Solutions Cor $ZWS Shares Sold by Jennison Associates LLC

Jennison Associates LLC lowered its holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 4.3% in the first quarter, HoldingsChannel reports. The firm owned 410,841 shares of the company’s stock after selling 18,407 shares during the period. Jennison Associates LLC’s holdings in Zurn Elkay Water Solutions Cor were worth $18,422,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ZWS. California Public Employees Retirement System grew its stake in Zurn Elkay Water Solutions Cor by 1.7% during the 1st quarter. California Public Employees Retirement System now owns 324,733 shares of the company’s stock valued at $14,561,000 after purchasing an additional 5,413 shares in the last quarter. Future Fund LLC boosted its stake in shares of Zurn Elkay Water Solutions Cor by 27.6% during the 1st quarter. Future Fund LLC now owns 48,574 shares of the company’s stock valued at $2,178,000 after buying an additional 10,503 shares during the last quarter. Assetmark Inc. boosted its stake 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 valued at $38,000 after buying an additional 292 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Zurn Elkay Water Solutions Cor by 29.8% during the first quarter. Bessemer Group Inc. now owns 191,600 shares of the company’s stock worth $8,591,000 after buying an additional 44,007 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in shares of Zurn Elkay Water Solutions Cor by 15.0% during the first quarter. Illinois Municipal Retirement Fund now owns 114,668 shares of the company’s stock worth $5,142,000 after buying an additional 14,958 shares in the last quarter. Institutional investors and hedge funds own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Cor Price Performance

Shares of NYSE ZWS opened at $47.33 on Wednesday. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 38.17, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a twelve month low of $36.59 and a twelve month high of $53.76. The business has a 50 day simple moving average of $48.32 and a 200-day simple moving average of $48.25.

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

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 35.48%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ZWS shares. Royal Bank Of Canada upped their price target on shares of Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a report on Thursday, April 23rd. Robert W. Baird decreased their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 23rd. UBS Group set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report 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, Barclays began coverage on shares of Zurn Elkay Water Solutions Cor in a research report on Tuesday, June 30th. They set an “overweight” rating and a $59.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.00.

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.