Renaissance Technologies LLC Buys 204,100 Shares of Zurn Elkay Water Solutions Cor $ZWS

Renaissance Technologies LLC lifted its position in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 113.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 384,793 shares of the company’s stock after purchasing an additional 204,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Zurn Elkay Water Solutions Cor were worth $17,254,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of ZWS. Norges Bank purchased a new stake in Zurn Elkay Water Solutions Cor in the fourth quarter worth approximately $111,341,000. First Trust Advisors LP raised its stake in shares of Zurn Elkay Water Solutions Cor by 51.9% during the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company’s stock worth $153,591,000 after acquiring an additional 1,128,917 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Zurn Elkay Water Solutions Cor by 4,236.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 455,834 shares of the company’s stock worth $20,440,000 after acquiring an additional 445,323 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 78.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company’s stock worth $42,161,000 after acquiring an additional 399,180 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of Zurn Elkay Water Solutions Cor by 157.0% in the 3rd quarter. UBS Group AG now owns 479,166 shares of the company’s stock worth $22,535,000 after acquiring an additional 292,747 shares during the last quarter. 83.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ZWS. Barclays started coverage on shares of Zurn Elkay Water Solutions Cor in a report on Tuesday, June 30th. They set an “overweight” rating and a $59.00 target price on the stock. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Royal Bank Of Canada upped their price target 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Zurn Elkay Water Solutions Cor in a research note on Friday, July 24th. Finally, Robert W. Baird set a $58.00 target price on Zurn Elkay Water Solutions Cor in a research note on Thursday. Five analysts have rated the stock with a Buy rating and four 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 an average target price of $57.00.

Zurn Elkay Water Solutions Cor Stock Performance

Shares of ZWS stock opened at $50.13 on Friday. The company’s fifty day moving average price is $48.47 and its 200-day moving average price is $48.38. The stock has a market cap of $8.31 billion, a PE ratio of 30.95, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. The company has a current ratio of 3.05, a quick ratio of 2.11 and a debt-to-equity ratio of 0.30. Zurn Elkay Water Solutions Cor has a 12 month low of $42.39 and a 12 month high of $55.00.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $491.00 million for the quarter, compared to the consensus estimate of $483.04 million. Zurn Elkay Water Solutions Cor had a return on equity of 18.01% and a net margin of 15.45%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. On average, equities analysts expect that Zurn Elkay Water Solutions Cor will post 1.75 EPS for the current fiscal year.

Zurn Elkay Water Solutions Cor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.11 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.44 annualized dividend and a yield of 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio is currently 35.48%.

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.