Zurn Elkay Water Solutions Cor (NYSE:ZWS) Reaches New 52-Week High Following Better-Than-Expected Earnings

Zurn Elkay Water Solutions Cor (NYSE:ZWS)’s stock price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $52.76 and last traded at $51.6140, with a volume of 205158 shares trading hands. The stock had previously closed at $47.06.

The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. Zurn Elkay Water Solutions Cor had a net margin of 11.59% and a return on equity of 16.26%. The firm had revenue of $407.20 million during the quarter, compared to the consensus estimate of $400.75 million. During the same quarter last year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis.

Zurn Elkay Water Solutions Cor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $0.44 annualized dividend and a yield of 0.8%. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is 39.29%.

Analysts Set New Price Targets

ZWS has been the subject of several research reports. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. Oppenheimer set a $53.00 target price on shares of Zurn Elkay Water Solutions Cor and gave the company an “outperform” rating in a report on Friday, October 31st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Zurn Elkay Water Solutions Cor in a research report on Monday, December 29th. Zacks Research lowered shares of Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Royal Bank Of Canada began coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Monday, January 5th. They issued a “sector perform” rating and a $49.00 target price on the stock. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.50.

Insider Transactions at Zurn Elkay Water Solutions Cor

In other news, Director Timothy J. Jahnke sold 7,461 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $47.50, for a total value of $354,397.50. Following the sale, the director directly owned 162,000 shares in the company, valued at $7,695,000. The trade was a 4.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Zurn Elkay Water Solutions Cor

Several institutional investors and hedge funds have recently bought and sold shares of ZWS. Ethic Inc. boosted its holdings in Zurn Elkay Water Solutions Cor by 15.4% in the fourth quarter. Ethic Inc. now owns 8,660 shares of the company’s stock valued at $403,000 after purchasing an additional 1,157 shares during the last quarter. Ballentine Partners LLC increased its position in shares of Zurn Elkay Water Solutions Cor by 14.0% during the fourth quarter. Ballentine Partners LLC now owns 7,066 shares of the company’s stock worth $328,000 after purchasing an additional 870 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Zurn Elkay Water Solutions Cor in the 4th quarter valued at $356,000. Sequoia Financial Advisors LLC lifted its holdings in Zurn Elkay Water Solutions Cor by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 83,237 shares of the company’s stock valued at $3,870,000 after purchasing an additional 2,980 shares in the last quarter. Finally, Strs Ohio grew its holdings in shares of Zurn Elkay Water Solutions Cor by 39.9% during the fourth quarter. Strs Ohio now owns 37,500 shares of the company’s stock worth $1,743,000 after buying an additional 10,700 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Trading Up 10.3%

The stock has a market capitalization of $8.68 billion, a PE ratio of 46.16, a P/E/G ratio of 1.94 and a beta of 1.08. The company’s 50 day moving average price is $47.03 and its two-hundred day moving average price is $46.07. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 1.83.

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.