Mirae Asset Global Investments Co. Ltd. Increases Stake in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Mirae Asset Global Investments Co. Ltd. increased its holdings in Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 12.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 955,894 shares of the company’s stock after acquiring an additional 106,925 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.55% of Zurn Elkay Water Solutions worth $25,704,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Zurn Elkay Water Solutions by 3.1% in the 1st quarter. JPMorgan Chase & Co. now owns 166,538 shares of the company’s stock worth $5,895,000 after purchasing an additional 5,067 shares during the period. Raymond James & Associates increased its holdings in shares of Zurn Elkay Water Solutions by 56.7% in the 1st quarter. Raymond James & Associates now owns 56,374 shares of the company’s stock valued at $1,996,000 after acquiring an additional 20,393 shares during the period. MetLife Investment Management LLC raised its position in shares of Zurn Elkay Water Solutions by 48.2% in the 1st quarter. MetLife Investment Management LLC now owns 63,174 shares of the company’s stock worth $2,236,000 after acquiring an additional 20,555 shares in the last quarter. APG Asset Management N.V. purchased a new stake in shares of Zurn Elkay Water Solutions during the 1st quarter worth $1,094,000. Finally, Synovus Financial Corp boosted its position in Zurn Elkay Water Solutions by 9.7% during the first quarter. Synovus Financial Corp now owns 26,225 shares of the company’s stock valued at $934,000 after purchasing an additional 2,318 shares in the last quarter. 82.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ZWS. The Goldman Sachs Group downgraded shares of Zurn Elkay Water Solutions from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $31.00 to $29.00 in a report on Monday, October 9th. Robert W. Baird increased their target price on shares of Zurn Elkay Water Solutions from $23.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, July 25th. Oppenheimer reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Zurn Elkay Water Solutions in a report on Monday, October 2nd. Mizuho increased their price objective on Zurn Elkay Water Solutions from $26.00 to $34.00 in a report on Wednesday, July 26th. Finally, TheStreet downgraded Zurn Elkay Water Solutions from a “b” rating to a “c+” rating in a research note on Tuesday, October 3rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Zurn Elkay Water Solutions presently has an average rating of “Moderate Buy” and an average target price of $31.14.

Insider Transactions at Zurn Elkay Water Solutions

In other Zurn Elkay Water Solutions news, insider Craig Wehr sold 55,133 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $28.09, for a total value of $1,548,685.97. Following the sale, the insider now directly owns 81,905 shares of the company’s stock, valued at $2,300,711.45. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Michael Troutman sold 35,082 shares of Zurn Elkay Water Solutions stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $29.75, for a total transaction of $1,043,689.50. Following the completion of the transaction, the insider now directly owns 32,008 shares of the company’s stock, valued at approximately $952,238. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Craig Wehr sold 55,133 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $28.09, for a total transaction of $1,548,685.97. Following the sale, the insider now directly owns 81,905 shares in the company, valued at $2,300,711.45. The disclosure for this sale can be found here. Company insiders own 3.80% of the company’s stock.

Zurn Elkay Water Solutions Price Performance

Shares of ZWS opened at $29.46 on Tuesday. The firm has a market capitalization of $5.09 billion, a PE ratio of 45.32, a price-to-earnings-growth ratio of 2.20 and a beta of 1.28. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.14 and a quick ratio of 1.90. The company’s fifty day moving average price is $27.53 and its 200-day moving average price is $26.90. Zurn Elkay Water Solutions Co. has a 1-year low of $19.29 and a 1-year high of $30.87.

Zurn Elkay Water Solutions (NYSE:ZWS) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Zurn Elkay Water Solutions had a return on equity of 9.65% and a net margin of 7.46%. The business had revenue of $398.40 million for the quarter, compared to analyst estimates of $396.38 million. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s revenue was down 4.6% on a year-over-year basis. On average, equities research analysts predict that Zurn Elkay Water Solutions Co. will post 0.95 EPS for the current year.

Zurn Elkay Water Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Monday, November 20th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.09%. This is a boost from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, November 17th. Zurn Elkay Water Solutions’s payout ratio is presently 49.23%.

Zurn Elkay Water Solutions Profile

Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water safety and control products, including interceptors, water control and backflow, fire protection, PEX pipings and tubings, valves, fittings, and installation tools under the Zurn and Wilkis brand names.