Connor Clark & Lunn Investment Management Ltd. Takes $5.63 Million Position in Zurn Elkay Water Solutions Cor $ZWS

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 111,380 shares of the company’s stock, valued at approximately $5,628,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ZWS. BlackRock Inc. purchased a new position in shares of Zurn Elkay Water Solutions Cor in the 2nd quarter worth approximately $1,241,345,000. Invesco Ltd. lifted its position in Zurn Elkay Water Solutions Cor by 3.5% during the third quarter. Invesco Ltd. now owns 5,944,518 shares of the company’s stock valued at $279,571,000 after acquiring an additional 201,299 shares during the last quarter. State Street Corp boosted its stake in Zurn Elkay Water Solutions Cor by 0.6% in the second quarter. State Street Corp now owns 5,381,619 shares of the company’s stock valued at $196,806,000 after acquiring an additional 30,483 shares in the last quarter. Geode Capital Management LLC boosted its stake in Zurn Elkay Water Solutions Cor by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 3,542,464 shares of the company’s stock valued at $164,716,000 after acquiring an additional 15,232 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Zurn Elkay Water Solutions Cor by 51.9% in the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company’s stock worth $153,591,000 after purchasing an additional 1,128,917 shares during the last quarter. 83.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on ZWS. Barclays upped their price objective on shares of Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Zacks Research raised Zurn Elkay Water Solutions Cor from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Stifel Nicolaus lifted 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 report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada increased their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $58.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Zurn Elkay Water Solutions Cor has a consensus rating of “Moderate Buy” and a consensus target price of $57.22.

Insider Activity at Zurn Elkay Water Solutions Cor

In other Zurn Elkay Water Solutions Cor news, Director Jacques Donavon Butler purchased 2,016 shares of the stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average cost of $49.60 per share, for a total transaction of $99,993.60. Following the acquisition, the director owned 37,487 shares in the company, valued at $1,859,355.20. This trade represents a 5.68% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Zurn Elkay Water Solutions Cor Stock Down 1.2%

ZWS stock opened at $48.62 on Friday. Zurn Elkay Water Solutions Cor has a one year low of $43.06 and a one year high of $55.00. The firm has a market cap of $8.06 billion, a PE ratio of 30.01, a PEG ratio of 1.81 and a beta of 1.04. The firm’s 50 day moving average price is $49.44 and its 200-day moving average price is $48.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.05.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million during the quarter, compared to analyst estimates of $483.04 million. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.42 earnings per share. On average, equities research analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.82 EPS for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 27.16%.

Zurn Elkay Water Solutions Cor 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.