JPMorgan Chase & Co. Boosts Holdings in Zurn Elkay Water Solutions Cor $ZWS

JPMorgan Chase & Co. grew its stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 8.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,457,689 shares of the company’s stock after purchasing an additional 113,425 shares during the period. JPMorgan Chase & Co. owned approximately 0.87% of Zurn Elkay Water Solutions Cor worth $68,555,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ZWS. Alliancebernstein L.P. lifted its holdings in Zurn Elkay Water Solutions Cor by 1,714.8% in the third quarter. Alliancebernstein L.P. now owns 3,369,731 shares of the company’s stock worth $158,478,000 after buying an additional 3,184,048 shares during the period. Norges Bank bought a new stake in Zurn Elkay Water Solutions Cor during the 2nd quarter valued at approximately $64,266,000. MAI Capital Management grew its holdings in shares of Zurn Elkay Water Solutions Cor by 120,771.6% during the 3rd quarter. MAI Capital Management now owns 293,718 shares of the company’s stock worth $13,814,000 after acquiring an additional 293,475 shares during the period. UBS Group AG raised its position in shares of Zurn Elkay Water Solutions Cor by 157.0% in the 3rd quarter. UBS Group AG now owns 479,166 shares of the company’s stock worth $22,535,000 after acquiring an additional 292,747 shares in the last quarter. Finally, Oberweis Asset Management Inc. bought a new position in shares of Zurn Elkay Water Solutions Cor in the 3rd quarter worth approximately $12,510,000. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Insider Buying and Selling

In other Zurn Elkay Water Solutions Cor news, VP Sudhanshu Chhabra sold 2,021 shares of Zurn Elkay Water Solutions Cor stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $50.85, for a total value of $102,767.85. Following the completion of the sale, the vice president owned 69,556 shares of the company’s stock, valued at approximately $3,536,922.60. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd A. Adams sold 275,050 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $51.78, for a total value of $14,242,089.00. Following the completion of the transaction, the chief executive officer owned 2,256,684 shares of the company’s stock, valued at $116,851,097.52. This represents a 10.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 599,259 shares of company stock worth $31,225,361 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ZWS has been the topic of several research reports. Robert W. Baird set a $56.00 price target on Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $50.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Zacks Research lowered Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Stifel Nicolaus set a $59.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Finally, Royal Bank Of Canada upped their target price 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, February 5th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Zurn Elkay Water Solutions Cor presently has a consensus rating of “Hold” and an average price target of $51.63.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS stock opened at $44.07 on Friday. Zurn Elkay Water Solutions Cor has a one year low of $27.74 and a one year high of $53.17. The company’s 50-day moving average is $48.45 and its 200 day moving average is $47.39. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 38.32, a price-to-earnings-growth ratio of 1.85 and a beta of 1.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.07 and a current ratio of 3.13.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $400.75 million. Zurn Elkay Water Solutions Cor had a net margin of 11.68% and a return on equity of 16.54%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. Sell-side analysts expect that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $0.44 annualized dividend and a dividend yield of 1.0%. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is 38.26%.

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.