Norges Bank Makes New $111.34 Million Investment in Zurn Elkay Water Solutions Cor $ZWS

Norges Bank acquired a new position in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 2,394,953 shares of the company’s stock, valued at approximately $111,341,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ZWS. Empowered Funds LLC bought a new position in Zurn Elkay Water Solutions Cor during the first quarter worth $277,000. Woodline Partners LP bought a new position in Zurn Elkay Water Solutions Cor during the first quarter worth $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Zurn Elkay Water Solutions Cor by 5.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company’s stock worth $16,127,000 after purchasing an additional 24,348 shares during the period. American Century Companies Inc. boosted its position in Zurn Elkay Water Solutions Cor by 3.8% during the second quarter. American Century Companies Inc. now owns 48,161 shares of the company’s stock worth $1,761,000 after purchasing an additional 1,768 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Zurn Elkay Water Solutions Cor by 4.1% during the second quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company’s stock worth $660,000 after purchasing an additional 718 shares during the period. 83.33% of the stock is owned by institutional investors.

Zurn Elkay Water Solutions Cor Trading Down 0.0%

Shares of Zurn Elkay Water Solutions Cor stock opened at $47.42 on Friday. The firm has a 50-day moving average of $48.26 and a 200-day moving average of $47.91. The stock has a market cap of $7.91 billion, a PE ratio of 38.24, a PEG ratio of 1.87 and a beta of 1.06. Zurn Elkay Water Solutions Cor has a 52-week low of $35.06 and a 52-week high of $53.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.11 and a current ratio of 3.24.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last announced 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. As a group, sell-side analysts forecast that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 20th. Zurn Elkay Water Solutions Cor’s payout ratio is presently 35.48%.

Analyst Ratings Changes

ZWS has been the subject of a number of research analyst reports. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Robert W. Baird reduced 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. Royal Bank Of Canada lifted their price objective on shares of Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 23rd. Stifel Nicolaus boosted their target price on shares of Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Finally, Weiss Ratings raised shares of Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.88.

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.