Granite Investment Partners LLC Cuts Stake in Zurn Elkay Water Solutions Cor $ZWS

Granite Investment Partners LLC reduced its holdings in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 28.2% during the third quarter, Holdings Channel reports. The fund owned 44,353 shares of the company’s stock after selling 17,463 shares during the period. Granite Investment Partners LLC’s holdings in Zurn Elkay Water Solutions Cor were worth $2,086,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ZWS. State Street Corp lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 0.6% in the 2nd quarter. State Street Corp now owns 5,381,619 shares of the company’s stock worth $196,806,000 after acquiring an additional 30,483 shares during the last quarter. Impax Asset Management Group plc raised its position in Zurn Elkay Water Solutions Cor by 22.8% in the 2nd quarter. Impax Asset Management Group plc now owns 4,933,224 shares of the company’s stock worth $180,408,000 after purchasing an additional 916,850 shares during the period. Beck Mack & Oliver LLC lifted its stake in Zurn Elkay Water Solutions Cor by 3.7% in the second quarter. Beck Mack & Oliver LLC now owns 3,706,347 shares of the company’s stock worth $135,541,000 after purchasing an additional 133,478 shares during the last quarter. Geode Capital Management LLC lifted its stake in Zurn Elkay Water Solutions Cor by 2.7% in the second quarter. Geode Capital Management LLC now owns 3,446,680 shares of the company’s stock worth $126,059,000 after purchasing an additional 91,740 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Zurn Elkay Water Solutions Cor by 6.4% during the second quarter. First Trust Advisors LP now owns 2,708,441 shares of the company’s stock valued at $99,048,000 after buying an additional 162,080 shares during the period. 83.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Royal Bank Of Canada lifted their price objective on Zurn Elkay Water Solutions Cor from $49.00 to $55.00 and gave the stock a “sector perform” rating in a report on Thursday, February 5th. Mizuho set a $49.00 price target on Zurn Elkay Water Solutions Cor in a research note on Thursday, October 30th. Zacks Research downgraded Zurn Elkay Water Solutions Cor from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. The Goldman Sachs Group restated 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. Finally, Robert W. Baird set a $56.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, February 5th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.63.

Zurn Elkay Water Solutions Cor Trading Down 1.9%

NYSE ZWS opened at $49.87 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.07 and a current ratio of 3.13. Zurn Elkay Water Solutions Cor has a fifty-two week low of $27.74 and a fifty-two week high of $53.17. The stock has a market cap of $8.32 billion, a P/E ratio of 43.36, a price-to-earnings-growth ratio of 2.11 and a beta of 1.08. The stock has a 50 day simple moving average of $48.16 and a two-hundred day simple moving average of $47.09.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The company had revenue of $407.20 million during the quarter, compared to analyst estimates of $400.75 million. Zurn Elkay Water Solutions Cor had a return on equity of 16.54% and a net margin of 11.68%.The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 earnings per share. On average, analysts forecast that Zurn Elkay Water Solutions Cor will post 1.36 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 20th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, February 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is currently 38.26%.

Insider Activity

In other news, VP Jeffrey J. Lavalle sold 946 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $51.63, for a total transaction of $48,841.98. Following the sale, the vice president owned 51,868 shares of the company’s stock, valued at approximately $2,677,944.84. The trade was a 1.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sudhanshu Chhabra sold 2,021 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $50.85, for a total transaction of $102,767.85. Following the completion of the transaction, the vice president directly owned 69,556 shares of the company’s stock, valued at approximately $3,536,922.60. The trade was a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 599,259 shares of company stock worth $31,225,361. 2.60% of the stock is owned by company insiders.

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.