Zurn Elkay Water Solutions Cor (NYSE:ZWS) Reaches New 12-Month High After Strong Earnings

Zurn Elkay Water Solutions Cor (NYSE:ZWS) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $55.00 and last traded at $53.5150, with a volume of 150550 shares changing hands. The stock had previously closed at $49.31.

The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $483.09 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 earnings per share.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is currently 35.48%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ZWS. Royal Bank Of Canada increased their price objective on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a research note on Thursday, April 23rd. 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 research note on Thursday, April 23rd. Oppenheimer restated an “outperform” rating and set a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Stifel Nicolaus reduced their price target on Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Zurn Elkay Water Solutions Cor in a research note on Friday. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Zurn Elkay Water Solutions Cor currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Institutional Trading of Zurn Elkay Water Solutions Cor

A number of institutional investors have recently bought and sold shares of ZWS. Advisory Services Network LLC purchased a new position in shares of Zurn Elkay Water Solutions Cor in the 3rd quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new stake in Zurn Elkay Water Solutions Cor during the fourth quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new position in Zurn Elkay Water Solutions Cor in the fourth quarter valued at approximately $35,000. Hantz Financial Services Inc. boosted its holdings in Zurn Elkay Water Solutions Cor by 138.9% in the fourth quarter. Hantz Financial Services Inc. now owns 805 shares of the company’s stock valued at $37,000 after purchasing an additional 468 shares in the last quarter. Finally, Assetmark Inc. increased its stake in Zurn Elkay Water Solutions Cor by 53.0% in the first quarter. Assetmark Inc. now owns 843 shares of the company’s stock valued at $38,000 after purchasing an additional 292 shares during the last quarter. 83.33% of the stock is owned by hedge funds and other institutional investors.

Zurn Elkay Water Solutions Cor Price Performance

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 company’s 50 day simple moving average is $48.34 and its 200 day simple moving average is $48.31. The company has a market capitalization of $8.87 billion, a PE ratio of 42.83, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04.

About Zurn Elkay Water Solutions Cor

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.