Zurn Elkay Water Solutions Cor (NYSE:ZWS) Shares Gap Down – What’s Next?

Zurn Elkay Water Solutions Cor (NYSE:ZWS) shares gapped down prior to trading on Wednesday. The stock had previously closed at $49.15, but opened at $46.16. Zurn Elkay Water Solutions Cor shares last traded at $45.0120, with a volume of 77,729 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Royal Bank Of Canada reduced their price objective on Zurn Elkay Water Solutions Cor from $58.00 to $54.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 14th. Weiss Ratings restated a “buy (b)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, October 22nd. Robert W. Baird set a $58.00 price target on Zurn Elkay Water Solutions Cor in a report on Thursday, July 30th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $55.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Zurn Elkay Water Solutions Cor Price Performance

The business has a 50 day simple moving average of $47.40 and a 200 day simple moving average of $48.29. The stock has a market cap of $7.30 billion, a PE ratio of 27.25 and a beta of 1.07.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last issued its quarterly earnings data on Tuesday, October 27th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $495.10 million for the quarter, compared to analyst estimates of $493.36 million. During the same period in the prior year, the company posted $0.43 EPS. The business’s revenue was up 8.7% on a year-over-year basis. As a group, sell-side analysts forecast that Zurn Elkay Water Solutions Cor will post 1.83 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 7th. Stockholders of record on Friday, November 20th will be paid a $0.13 dividend. The ex-dividend date is Friday, November 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.2%. This is a positive change from Zurn Elkay Water Solutions Cor’s previous quarterly dividend of $0.11. Zurn Elkay Water Solutions Cor’s dividend payout ratio is currently 32.10%.

Insider Activity at Zurn Elkay Water Solutions Cor

In other news, Director Jacques Butler bought 2,016 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Wednesday, August 19th. The shares were bought at an average price of $49.60 per share, for a total transaction of $99,993.60. Following the purchase, the director owned 37,487 shares of the company’s stock, valued at approximately $1,859,355.20. This trade represents a 5.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zurn Elkay Water Solutions Cor

A number of hedge funds have recently added to or reduced their stakes in ZWS. Kilter Group LLC acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the second quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in Zurn Elkay Water Solutions Cor during the 2nd quarter worth $27,000. Root Financial Partners LLC bought a new position in Zurn Elkay Water Solutions Cor in the 3rd quarter valued at $26,000. Assetmark Inc. boosted its position in Zurn Elkay Water Solutions Cor by 53.0% in the 1st quarter. Assetmark Inc. now owns 843 shares of the company’s stock valued at $38,000 after buying an additional 292 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Zurn Elkay Water Solutions Cor in the 2nd quarter valued at $49,000. Institutional investors own 83.33% of the company’s stock.

About Zurn Elkay Water Solutions Cor

Zurn Elkay Water Solutions Corporation (NYSE: ZWS) is a manufacturer of products and systems used to manage, conserve and protect water in commercial, institutional, industrial and residential buildings. The company provides plumbing and water-management solutions designed to support water distribution, drainage, safety, hygiene and efficiency.

Its product portfolio includes commercial faucets, flush valves, fixtures, drains, plumbing specialties, backflow-prevention devices, water coolers, bottle-filling stations, water filtration systems and related accessories.