Royal Bank Of Canada Initiates Coverage on Zurn Elkay Water Solutions Cor (NYSE:ZWS)

Analysts at Royal Bank Of Canada started coverage on shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) in a note issued to investors on Monday, MarketBeat.com reports. The brokerage set a “hold” rating and a $49.00 price target on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 5.68% from the stock’s previous close.

A number of other analysts also recently weighed in on ZWS. Stifel Nicolaus increased their price target on shares of Zurn Elkay Water Solutions Cor from $50.00 to $53.00 and gave the company a “buy” rating in a report on Friday, September 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Monday, December 29th. 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 for the company. Oppenheimer set a $53.00 price target on Zurn Elkay Water Solutions Cor and gave the company an “outperform” rating in a research note on Friday, October 31st. Finally, Zacks Research cut 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.50.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of NYSE ZWS opened at $46.37 on Monday. The company has a quick ratio of 1.83, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $47.12 and its two-hundred day moving average is $44.73. The company has a market cap of $7.76 billion, a P/E ratio of 41.40, a P/E/G ratio of 2.01 and a beta of 1.08. 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 posted 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. The company had revenue of $455.40 million during the quarter, compared to analysts’ expectations of $442.62 million. Zurn Elkay Water Solutions Cor had a return on equity of 16.26% and a net margin of 11.59%.Zurn Elkay Water Solutions Cor’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share. On average, equities analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Insiders Place Their Bets

In related news, Director Timothy J. Jahnke sold 7,461 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $47.50, for a total value of $354,397.50. Following the completion of the transaction, the director owned 162,000 shares of the company’s stock, valued at $7,695,000. This represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 20,100 shares of company stock valued at $960,105 over the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

Several large investors have recently modified their holdings of the stock. Invesco Ltd. raised its holdings in shares of Zurn Elkay Water Solutions Cor by 3.5% in the 3rd quarter. Invesco Ltd. now owns 5,944,518 shares of the company’s stock worth $279,571,000 after buying an additional 201,299 shares in the last quarter. State Street Corp boosted its stake in Zurn Elkay Water Solutions Cor by 0.6% in the 2nd quarter. State Street Corp now owns 5,381,619 shares of the company’s stock valued at $196,806,000 after buying an additional 30,483 shares in the last quarter. Impax Asset Management Group plc grew its position in Zurn Elkay Water Solutions Cor by 22.8% in the second quarter. Impax Asset Management Group plc now owns 4,933,224 shares of the company’s stock valued at $180,408,000 after acquiring an additional 916,850 shares during the period. Beck Mack & Oliver LLC grew its position in Zurn Elkay Water Solutions Cor by 3.7% in the second quarter. Beck Mack & Oliver LLC now owns 3,706,347 shares of the company’s stock valued at $135,541,000 after acquiring an additional 133,478 shares during the period. Finally, Geode Capital Management LLC raised its stake in Zurn Elkay Water Solutions Cor by 2.7% during the second quarter. Geode Capital Management LLC now owns 3,446,680 shares of the company’s stock worth $126,059,000 after acquiring an additional 91,740 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors.

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.