Jennison Associates LLC Cuts Holdings in Zurn Elkay Water Solutions Cor $ZWS

Jennison Associates LLC lowered its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 410,841 shares of the company’s stock after selling 18,407 shares during the quarter. Jennison Associates LLC owned 0.25% of Zurn Elkay Water Solutions Cor worth $18,422,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of Zurn Elkay Water Solutions Cor in the 1st quarter worth about $277,000. Woodline Partners LP purchased a new stake in shares of Zurn Elkay Water Solutions Cor during the 1st quarter worth about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Zurn Elkay Water Solutions Cor by 5.2% during the 1st 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 in the last quarter. American Century Companies Inc. increased its position in Zurn Elkay Water Solutions Cor by 3.8% during the 2nd 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 in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Zurn Elkay Water Solutions Cor by 4.1% in the second quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company’s stock valued at $660,000 after buying an additional 718 shares during the period. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Cor Stock Down 1.0%

NYSE ZWS opened at $47.33 on Wednesday. The stock has a market cap of $7.90 billion, a PE ratio of 38.17, a P/E/G ratio of 1.89 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a fifty-two week low of $36.59 and a fifty-two week high of $53.76. The business has a 50 day moving average price of $48.32 and a two-hundred day moving average price of $48.25. The company has a quick ratio of 2.11, a current ratio of 3.24 and a debt-to-equity ratio of 0.31.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its quarterly earnings data 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. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The company had revenue of $433.00 million for the quarter, compared to analyst estimates of $418.99 million. During the same quarter last year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 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, June 5th. Investors of record on Wednesday, May 20th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, May 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is presently 35.48%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ZWS shares. UBS Group set a $56.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Stifel Nicolaus cut their target price on shares of Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday. Robert W. Baird reduced their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, April 23rd. 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. Finally, Royal Bank Of Canada upped their price target 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. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.00.

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.