The Manufacturers Life Insurance Company Acquires Shares of 77,912 Zurn Elkay Water Solutions Cor $ZWS

The Manufacturers Life Insurance Company acquired a new stake in shares of Zurn Elkay Water Solutions Cor (NYSE:ZWS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 77,912 shares of the company’s stock, valued at approximately $3,937,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC bought a new position in Zurn Elkay Water Solutions Cor in the 1st quarter valued at about $277,000. Woodline Partners LP acquired a new position in Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Zurn Elkay Water Solutions Cor by 5.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company’s stock worth $16,127,000 after purchasing an additional 24,348 shares in the last quarter. American Century Companies Inc. increased its holdings in Zurn Elkay Water Solutions Cor by 3.8% during the 2nd quarter. American Century Companies Inc. now owns 48,161 shares of the company’s stock worth $1,761,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Zurn Elkay Water Solutions Cor by 4.1% in the second quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company’s stock worth $660,000 after purchasing an additional 718 shares during the last quarter. 83.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ZWS shares. Weiss Ratings restated a “buy (b)” rating on shares of Zurn Elkay Water Solutions Cor in a report on Friday, July 24th. Zacks Research raised Zurn Elkay Water Solutions Cor from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Barclays raised their price objective on Zurn Elkay Water Solutions Cor from $59.00 to $61.00 and gave the company 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, Stifel Nicolaus upped their target price on shares of Zurn Elkay Water Solutions Cor from $56.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Zurn Elkay Water Solutions Cor currently has a consensus rating of “Moderate Buy” and an average price target of $57.22.

Zurn Elkay Water Solutions Cor Price Performance

Shares of NYSE ZWS opened at $46.65 on Wednesday. Zurn Elkay Water Solutions Cor has a twelve month low of $43.06 and a twelve month high of $55.00. The stock’s 50 day moving average price is $49.33 and its 200-day moving average price is $48.70. The company has a market capitalization of $7.74 billion, a PE ratio of 28.80, a PEG ratio of 1.75 and a beta of 1.02. The company has a quick ratio of 2.13, a current ratio of 3.05 and a debt-to-equity ratio of 0.30.

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

Zurn Elkay Water Solutions Cor Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Thursday, August 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 27.16%.

Insider Activity

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

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.