Bank of New York Mellon Corp Sells 35,678 Shares of Zurn Elkay Water Solutions Cor $ZWS

Bank of New York Mellon Corp reduced its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 3.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,088,776 shares of the company’s stock after selling 35,678 shares during the period. Bank of New York Mellon Corp’s holdings in Zurn Elkay Water Solutions Cor were worth $48,821,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter worth $111,341,000. First Trust Advisors LP grew its position in shares of Zurn Elkay Water Solutions Cor by 51.9% in the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company’s stock valued at $153,591,000 after purchasing an additional 1,128,917 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Zurn Elkay Water Solutions Cor by 78.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company’s stock worth $42,161,000 after purchasing an additional 399,180 shares during the period. UBS Group AG increased its stake in shares of Zurn Elkay Water Solutions Cor by 157.0% in the third quarter. UBS Group AG now owns 479,166 shares of the company’s stock worth $22,535,000 after purchasing an additional 292,747 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Zurn Elkay Water Solutions Cor by 18,251.2% during the 4th quarter. Federated Hermes Inc. now owns 280,223 shares of the company’s stock worth $13,028,000 after purchasing an additional 278,696 shares during the last quarter. Institutional investors and hedge funds own 83.33% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ZWS shares. Barclays assumed coverage on Zurn Elkay Water Solutions Cor in a report on Tuesday, June 30th. They set an “overweight” rating and a $59.00 price target for the company. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. UBS Group set a $56.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Robert W. Baird cut 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 research report on Thursday, April 23rd. Finally, 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. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Zurn Elkay Water Solutions Cor currently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Zurn Elkay Water Solutions Cor Stock Performance

Zurn Elkay Water Solutions Cor stock opened at $48.35 on Friday. The firm has a market capitalization of $8.07 billion, a P/E ratio of 38.99, a P/E/G ratio of 1.91 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 52-week low of $37.83 and a 52-week high of $53.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11. The stock has a fifty day moving average price of $48.27 and a two-hundred day moving average price of $48.26.

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

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, August 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 currently 35.48%.

Zurn Elkay Water Solutions Cor 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.