Zurn Elkay Water Solutions Cor (NYSE:ZWS) Reaches New 52-Week High After Better-Than-Expected Earnings

Zurn Elkay Water Solutions Cor (NYSE:ZWS)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $52.76 and last traded at $51.6140, with a volume of 205158 shares traded. The stock had previously closed at $47.06.

The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.02. The company had revenue of $407.20 million during the quarter, compared to analysts’ expectations of $400.75 million. Zurn Elkay Water Solutions Cor had a return on equity of 16.54% and a net margin of 11.68%.Zurn Elkay Water Solutions Cor’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 20th will be paid 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 of this dividend is Friday, February 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is currently 39.29%.

Analyst Ratings Changes

A number of analysts have recently commented on ZWS shares. Royal Bank Of Canada boosted their price objective on shares of Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the stock a “sector perform” rating in a research report on Thursday. Stifel Nicolaus set a $59.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday. Mizuho set a $49.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $50.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday. Finally, Zacks Research lowered Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.13.

Insider Transactions at Zurn Elkay Water Solutions Cor

In related news, Director Timothy J. Jahnke sold 7,461 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $47.50, for a total transaction of $354,397.50. Following the completion of the transaction, the director owned 162,000 shares in the company, valued at approximately $7,695,000. This trade represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning increased its holdings in Zurn Elkay Water Solutions Cor by 37.4% in the 2nd quarter. Creative Planning now owns 57,771 shares of the company’s stock valued at $2,113,000 after buying an additional 15,729 shares during the period. Global Alpha Capital Management Ltd. lifted its stake in Zurn Elkay Water Solutions Cor by 11.9% during the second quarter. Global Alpha Capital Management Ltd. now owns 109,342 shares of the company’s stock worth $3,999,000 after purchasing an additional 11,602 shares during the last quarter. Keybank National Association OH bought a new position in shares of Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $222,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $380,000. Finally, Carret Asset Management LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor during the 2nd quarter worth $201,000. 83.33% of the stock is currently owned by institutional investors.

Zurn Elkay Water Solutions Cor Stock Down 1.4%

The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $47.15 and a two-hundred day moving average of $46.15. The firm has a market capitalization of $8.55 billion, a price-to-earnings ratio of 44.40, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08.

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.