Zurn Elkay Water Solutions Cor (NYSE:ZWS) Sets New 52-Week High Following Strong Earnings

Shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) hit a new 52-week high on Wednesday following a better than expected earnings announcement. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The firm had revenue of $491.00 million for the quarter, compared to the consensus estimate of $483.09 million. During the same period last year, the firm posted $0.42 EPS. The company’s revenue was up 10.5% on a year-over-year basis.

Zurn Elkay Water Solutions Cor Announces Dividend

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

Analysts Set New Price Targets

ZWS has been the topic of a number of research reports. Robert W. Baird lowered their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, April 23rd. Barclays initiated coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Tuesday, June 30th. They set an “overweight” rating and a $59.00 price target for the company. UBS Group set a $56.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Finally, Stifel Nicolaus reduced their target price on shares of Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

Hedge Funds Weigh In On Zurn Elkay Water Solutions Cor

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in Zurn Elkay Water Solutions Cor in the 3rd quarter valued at $25,000. V Square Quantitative Management LLC acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the 4th quarter worth $26,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter valued at about $35,000. Hantz Financial Services Inc. boosted its holdings in shares of 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 acquiring an additional 468 shares in the last quarter. Finally, Assetmark Inc. increased its stake in shares of Zurn Elkay Water Solutions Cor by 53.0% during the first quarter. Assetmark Inc. now owns 843 shares of the company’s stock worth $38,000 after acquiring an additional 292 shares during the period. 83.33% of the stock is currently owned by hedge funds and other institutional investors.

Zurn Elkay Water Solutions Cor Trading Up 7.8%

The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 42.83, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04. The business’s 50 day moving average price is $48.34 and its 200-day moving average price is $48.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.24 and a quick ratio of 2.11.

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.