Mirae Asset Global Investments Co. Ltd. Raises Stake in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 12.6% in the 2nd quarter, Holdings Channel reports. The fund owned 955,894 shares of the company’s stock after acquiring an additional 106,925 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Zurn Elkay Water Solutions were worth $25,704,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its position in Zurn Elkay Water Solutions by 1,087.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,354 shares of the company’s stock worth $28,000 after buying an additional 1,240 shares during the last quarter. Assetmark Inc. purchased a new position in Zurn Elkay Water Solutions during the first quarter worth about $31,000. IFP Advisors Inc lifted its position in Zurn Elkay Water Solutions by 50.0% in the second quarter. IFP Advisors Inc now owns 1,500 shares of the company’s stock valued at $97,000 after purchasing an additional 500 shares during the period. Global Retirement Partners LLC boosted its holdings in Zurn Elkay Water Solutions by 7,168.2% in the 1st quarter. Global Retirement Partners LLC now owns 1,599 shares of the company’s stock valued at $34,000 after purchasing an additional 1,577 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Zurn Elkay Water Solutions during the 1st quarter worth approximately $64,000. 82.45% of the stock is owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Price Performance

NYSE:ZWS opened at $29.46 on Tuesday. The company’s 50-day moving average is $27.53 and its two-hundred day moving average is $26.90. The company has a current ratio of 3.14, a quick ratio of 1.90 and a debt-to-equity ratio of 0.34. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 45.32, a price-to-earnings-growth ratio of 2.20 and a beta of 1.28. Zurn Elkay Water Solutions Co. has a 12-month low of $19.29 and a 12-month high of $30.87.

Zurn Elkay Water Solutions (NYSE:ZWS) last released its earnings results on Tuesday, October 31st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Zurn Elkay Water Solutions had a net margin of 7.46% and a return on equity of 9.65%. The firm had revenue of $398.40 million during the quarter, compared to analysts’ expectations of $396.38 million. During the same period in the previous year, the company earned $0.26 EPS. Zurn Elkay Water Solutions’s revenue for the quarter was down 4.6% on a year-over-year basis. Research analysts expect that Zurn Elkay Water Solutions Co. will post 0.95 EPS for the current year.

Zurn Elkay Water Solutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Monday, November 20th will be given a dividend of $0.08 per share. This is a positive change from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.32 annualized dividend and a yield of 1.09%. Zurn Elkay Water Solutions’s dividend payout ratio is 49.23%.

Insiders Place Their Bets

In other news, insider Michael Troutman sold 35,082 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $29.75, for a total transaction of $1,043,689.50. Following the completion of the sale, the insider now directly owns 32,008 shares in the company, valued at approximately $952,238. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Craig Wehr sold 55,133 shares of the stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $28.09, for a total value of $1,548,685.97. Following the completion of the sale, the insider now owns 81,905 shares of the company’s stock, valued at $2,300,711.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Troutman sold 35,082 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $29.75, for a total value of $1,043,689.50. Following the completion of the sale, the insider now owns 32,008 shares of the company’s stock, valued at $952,238. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ZWS shares. Oppenheimer reaffirmed an “outperform” rating and set a $33.00 price objective on shares of Zurn Elkay Water Solutions in a report on Monday, October 2nd. TheStreet downgraded shares of Zurn Elkay Water Solutions from a “b” rating to a “c+” rating in a report on Tuesday, October 3rd. Mizuho boosted their price objective on shares of Zurn Elkay Water Solutions from $26.00 to $34.00 in a report on Wednesday, July 26th. The Goldman Sachs Group cut shares of Zurn Elkay Water Solutions from a “buy” rating to a “neutral” rating and dropped their target price for the company from $31.00 to $29.00 in a report on Monday, October 9th. Finally, Robert W. Baird raised their price objective on Zurn Elkay Water Solutions from $23.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.14.

Zurn Elkay Water Solutions Profile

Zurn Elkay Water Solutions Corporation engages in design, procurement, manufacture, and marketing of water management solutions in the United States, Canada, and internationally. It offers water safety and control products, including interceptors, water control and backflow, fire protection, PEX pipings and tubings, valves, fittings, and installation tools under the Zurn and Wilkis brand names.