Principal Financial Group Inc. Has $40.24 Million Stock Position in Zurn Elkay Water Solutions Cor $ZWS

Principal Financial Group Inc. lowered its holdings in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 59.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 865,603 shares of the company’s stock after selling 1,246,458 shares during the period. Principal Financial Group Inc.’s holdings in Zurn Elkay Water Solutions Cor were worth $40,242,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ZWS. Nordea Investment Management AB acquired a new position in Zurn Elkay Water Solutions Cor in the 4th quarter worth about $7,356,000. JPMorgan Chase & Co. increased its holdings in Zurn Elkay Water Solutions Cor by 8.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,457,689 shares of the company’s stock worth $68,555,000 after purchasing an additional 113,425 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Zurn Elkay Water Solutions Cor by 27.9% in the 3rd quarter. Fisher Asset Management LLC now owns 1,021,874 shares of the company’s stock worth $48,059,000 after purchasing an additional 223,168 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in Zurn Elkay Water Solutions Cor in the 4th quarter worth about $1,205,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Zurn Elkay Water Solutions Cor by 73.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 130,827 shares of the company’s stock worth $6,129,000 after purchasing an additional 55,490 shares in the last quarter. Institutional investors and hedge funds own 83.33% of the company’s stock.

Insider Transactions at Zurn Elkay Water Solutions Cor

In other news, CFO David J. Pauli sold 812 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $51.61, for a total value of $41,907.32. Following the completion of the sale, the chief financial officer directly owned 65,995 shares of the company’s stock, valued at $3,406,001.95. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy J. Jahnke sold 25,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $51.18, for a total value of $1,279,500.00. Following the completion of the sale, the director directly owned 266,864 shares of the company’s stock, valued at approximately $13,658,099.52. This trade represents a 8.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 581,359 shares of company stock valued at $30,322,485. Corporate insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ZWS. Stifel Nicolaus upped their target price on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $50.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Royal Bank Of Canada upped their target price on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the stock a “sector perform” rating in a report on Thursday, April 23rd. Finally, Robert W. Baird lowered their target price on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Zurn Elkay Water Solutions Cor presently has a consensus rating of “Moderate Buy” and an average price target of $54.88.

Zurn Elkay Water Solutions Cor Stock Up 0.3%

Shares of Zurn Elkay Water Solutions Cor stock opened at $51.18 on Friday. Zurn Elkay Water Solutions Cor has a one year low of $34.91 and a one year high of $53.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11. The stock’s 50-day moving average is $47.88 and its 200 day moving average is $47.73. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of 41.27, a PEG ratio of 2.02 and a beta of 1.11.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last announced its earnings results on Tuesday, April 21st. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The company had revenue of $433.00 million for the quarter, compared to analyst estimates of $418.99 million. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 35.48%.

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.