MAI Capital Management Raises Stock Position in Zurn Elkay Water Solutions Cor $ZWS

MAI Capital Management lifted its position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 120,771.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 293,718 shares of the company’s stock after acquiring an additional 293,475 shares during the quarter. MAI Capital Management owned 0.18% of Zurn Elkay Water Solutions Cor worth $13,814,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. First Horizon Advisors Inc. raised its holdings in Zurn Elkay Water Solutions Cor by 249.8% during the second quarter. First Horizon Advisors Inc. now owns 703 shares of the company’s stock worth $26,000 after purchasing an additional 502 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Zurn Elkay Water Solutions Cor by 49.7% in the third quarter. Fifth Third Bancorp now owns 771 shares of the company’s stock valued at $36,000 after buying an additional 256 shares in the last quarter. First Horizon Corp purchased a new position in Zurn Elkay Water Solutions Cor during the 3rd quarter valued at about $45,000. Covestor Ltd raised its position in Zurn Elkay Water Solutions Cor by 180.3% during the third quarter. Covestor Ltd now owns 967 shares of the company’s stock worth $46,000 after acquiring an additional 622 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the third quarter valued at about $50,000. Institutional investors and hedge funds own 83.33% of the company’s stock.

Insider Buying and Selling

In related news, CEO Todd A. Adams sold 275,050 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $51.78, for a total value of $14,242,089.00. Following the completion of the sale, the chief executive officer directly owned 2,256,684 shares in the company, valued at approximately $116,851,097.52. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sudhanshu Chhabra sold 2,021 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $50.85, for a total transaction of $102,767.85. Following the transaction, the vice president directly owned 69,556 shares of the company’s stock, valued at $3,536,922.60. This trade represents a 2.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 599,259 shares of company stock worth $31,225,361 over the last ninety days. Insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, December 12th. They set a “buy” rating and a $58.00 price objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a report on Monday, December 29th. Royal Bank Of Canada raised their price target on 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, February 5th. The Goldman Sachs Group reissued a “neutral” rating and issued a $50.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Finally, Robert W. Baird set a $56.00 price objective on Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $51.63.

Zurn Elkay Water Solutions Cor Stock Up 0.1%

ZWS stock opened at $50.64 on Thursday. The company has a 50 day moving average price of $48.31 and a two-hundred day moving average price of $47.16. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.07 and a current ratio of 3.13. The stock has a market capitalization of $8.45 billion, a P/E ratio of 44.03, a PEG ratio of 2.10 and a beta of 1.08. Zurn Elkay Water Solutions Cor has a one year low of $27.74 and a one year high of $53.17.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. The business had revenue of $407.20 million for 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%.The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. As a group, sell-side analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 20th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a 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 presently 38.26%.

Zurn Elkay Water Solutions Cor Company 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.