NewEdge Wealth LLC Acquires New Holdings in Zurn Elkay Water Solutions Cor $ZWS

NewEdge Wealth LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 86,222 shares of the company’s stock, valued at approximately $4,357,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Advisory Services Network LLC purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the third quarter valued at about $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Zurn Elkay Water Solutions Cor during the 4th quarter worth approximately $35,000. Hantz Financial Services Inc. raised its position in shares of Zurn Elkay Water Solutions Cor by 138.9% during the 4th quarter. Hantz Financial Services Inc. now owns 805 shares of the company’s stock worth $37,000 after purchasing an additional 468 shares during the last quarter. Assetmark Inc. raised its position in shares of Zurn Elkay Water Solutions Cor by 53.0% during the 1st quarter. Assetmark Inc. now owns 843 shares of the company’s stock worth $38,000 after purchasing an additional 292 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in Zurn Elkay Water Solutions Cor by 507.5% in the 3rd quarter. Allworth Financial LP now owns 978 shares of the company’s stock valued at $46,000 after buying an additional 817 shares in the last quarter. Institutional investors and hedge funds own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Cor Stock Up 0.6%

ZWS stock opened at $49.49 on Thursday. The company has a 50 day moving average price of $49.43 and a two-hundred day moving average price of $48.81. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.05. The stock has a market capitalization of $8.21 billion, a P/E ratio of 30.55, a PEG ratio of 1.86 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a one year low of $43.06 and a one year high of $55.00.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.The company had revenue of $491.00 million for the quarter, compared to analyst estimates of $483.04 million. During the same quarter in the prior year, the company posted $0.42 EPS. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, August 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is presently 27.16%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Zacks Research upgraded Zurn Elkay Water Solutions Cor from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Barclays upped their price objective on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. UBS Group set a $56.00 price objective on Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Finally, Robert W. Baird set a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.22.

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.