Bank of New York Mellon Corp Makes New Investment in Zurn Elkay Water Solutions Cor $ZWS

Bank of New York Mellon Corp acquired a new stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,092,566 shares of the company’s stock, valued at approximately $55,207,000.

Several other institutional investors have also recently made changes to their positions in ZWS. Kingsview Wealth Management LLC acquired a new stake in Zurn Elkay Water Solutions Cor in the 4th quarter worth about $2,870,000. WINTON GROUP Ltd acquired a new position in shares of Zurn Elkay Water Solutions Cor during the fourth quarter valued at approximately $6,305,000. SG Americas Securities LLC lifted its position in shares of Zurn Elkay Water Solutions Cor by 53.5% in the first quarter. SG Americas Securities LLC now owns 45,125 shares of the company’s stock valued at $2,023,000 after acquiring an additional 15,735 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Zurn Elkay Water Solutions Cor by 15.0% in the first quarter. Illinois Municipal Retirement Fund now owns 114,668 shares of the company’s stock valued at $5,142,000 after acquiring an additional 14,958 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Zurn Elkay Water Solutions Cor in the fourth quarter worth approximately $3,779,000. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Analysts Set New Price Targets

ZWS has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target on Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Royal Bank Of Canada increased their price objective on shares of Zurn Elkay Water Solutions Cor from $56.00 to $58.00 and gave the company a “sector perform” rating in a research report on Thursday, July 30th. Barclays boosted their target price on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $55.00 price objective on shares of Zurn Elkay Water Solutions Cor in a report on Wednesday, July 29th. Finally, Robert W. Baird set a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.22.

Insider Activity at Zurn Elkay Water Solutions Cor

In other Zurn Elkay Water Solutions Cor news, Director Jacques Donavon Butler purchased 2,016 shares of Zurn Elkay Water Solutions Cor stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average cost of $49.60 per share, with a total value of $99,993.60. Following the acquisition, the director directly owned 37,487 shares of the company’s stock, valued at $1,859,355.20. This represents a 5.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS opened at $49.13 on Thursday. The stock has a market capitalization of $8.15 billion, a P/E ratio of 30.33, a P/E/G ratio of 1.79 and a beta of 1.04. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.13 and a current ratio of 3.05. Zurn Elkay Water Solutions Cor has a 1 year low of $43.06 and a 1 year high of $55.00. The company’s fifty day moving average is $49.47 and its two-hundred day moving average is $48.82.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last released its earnings results on Tuesday, July 28th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $483.04 million. Zurn Elkay Water Solutions Cor had a net margin of 15.45% and a return on equity of 18.01%. The business’s revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. On average, sell-side analysts predict that Zurn Elkay Water Solutions Cor will post 1.82 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, August 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 27.16%.

Zurn Elkay Water Solutions Cor 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.