MAI Capital Management Raises Holdings in Zurn Elkay Water Solutions Cor $ZWS

MAI Capital Management boosted its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 120,771.6% during the third quarter, Holdings Channel.com reports. The fund owned 293,718 shares of the company’s stock after purchasing an additional 293,475 shares during the quarter. MAI Capital Management’s holdings in Zurn Elkay Water Solutions Cor were worth $13,814,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 37.4% during the 2nd quarter. Creative Planning now owns 57,771 shares of the company’s stock valued at $2,113,000 after acquiring an additional 15,729 shares in the last quarter. Global Alpha Capital Management Ltd. increased its holdings in Zurn Elkay Water Solutions Cor by 11.9% in the 2nd quarter. Global Alpha Capital Management Ltd. now owns 109,342 shares of the company’s stock valued at $3,999,000 after purchasing an additional 11,602 shares in the last quarter. Keybank National Association OH purchased a new position in Zurn Elkay Water Solutions Cor in the second quarter valued at about $222,000. Campbell & CO Investment Adviser LLC lifted its stake in shares of Zurn Elkay Water Solutions Cor by 46.6% during the second quarter. Campbell & CO Investment Adviser LLC now owns 63,314 shares of the company’s stock worth $2,315,000 after purchasing an additional 20,118 shares in the last quarter. Finally, Carret Asset Management LLC acquired a new position in shares of Zurn Elkay Water Solutions Cor during the second quarter worth about $201,000. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Cor Trading Up 0.1%

Shares of ZWS opened at $50.64 on Thursday. The company has a market capitalization of $8.45 billion, a P/E ratio of 44.03, a P/E/G ratio of 2.10 and a beta of 1.08. Zurn Elkay Water Solutions Cor has a one year low of $27.74 and a one year high of $53.17. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.07 and a current ratio of 3.13. The stock has a 50-day moving average price of $48.31 and a 200 day moving average price of $47.16.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. Zurn Elkay Water Solutions Cor had a return on equity of 16.54% and a net margin of 11.68%.The company had revenue of $407.20 million for the quarter, compared to the consensus estimate of $400.75 million. During the same period in the previous year, the business earned $0.32 EPS. Zurn Elkay Water Solutions Cor’s revenue for the quarter was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently declared 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 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio is currently 38.26%.

Insider Activity

In other news, VP Jeffrey J. Lavalle sold 6,097 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $51.80, for a total transaction of $315,824.60. Following the transaction, the vice president owned 49,803 shares of the company’s stock, valued at approximately $2,579,795.40. This trade represents a 10.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd A. Adams sold 275,050 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $51.78, for a total value of $14,242,089.00. Following the completion of the transaction, the chief executive officer owned 2,256,684 shares of the company’s stock, valued at $116,851,097.52. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 599,259 shares of company stock worth $31,225,361 over the last ninety days. Insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

ZWS has been the subject of a number of recent research reports. Stifel Nicolaus set a $59.00 target price on Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. The Goldman Sachs Group reissued a “neutral” rating and set a $50.00 price target on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Jefferies Financial Group initiated coverage on Zurn Elkay Water Solutions Cor in a report on Friday, December 12th. They issued a “buy” rating and a $58.00 price target for the company. Oppenheimer increased their price objective on shares of Zurn Elkay Water Solutions Cor from $53.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Finally, Robert W. Baird set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, February 5th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Zurn Elkay Water Solutions Cor currently has an average rating of “Hold” and an average price target of $51.63.

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.