Zurn Elkay Water Solutions (NYSE:ZWS) Trading Up 5.5% on Strong Earnings

Shares of Zurn Elkay Water Solutions Co. (NYSE:ZWSGet Free Report) shot up 5.5% on Wednesday following a better than expected earnings announcement. The stock traded as high as $33.80 and last traded at $33.62. 365,572 shares were traded during trading, a decline of 66% from the average session volume of 1,072,725 shares. The stock had previously closed at $31.87.

The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $356.80 million during the quarter, compared to analyst estimates of $350.55 million. Zurn Elkay Water Solutions had a return on equity of 10.76% and a net margin of 7.36%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 earnings per share.

Zurn Elkay Water Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Friday, February 16th. Zurn Elkay Water Solutions’s payout ratio is currently 49.23%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ZWS shares. KeyCorp cut shares of Zurn Elkay Water Solutions from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, December 13th. Stifel Nicolaus downgraded shares of Zurn Elkay Water Solutions from a “buy” rating to a “hold” rating and set a $31.00 price target for the company. in a research note on Tuesday, December 19th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Zurn Elkay Water Solutions presently has a consensus rating of “Hold” and a consensus price target of $31.14.

View Our Latest Research Report on Zurn Elkay Water Solutions

Insider Activity at Zurn Elkay Water Solutions

In related news, insider Michael Troutman sold 35,082 shares of the company’s stock in a transaction on Friday, November 17th. The shares were 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 document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Zurn Elkay Water Solutions

Several large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Zurn Elkay Water Solutions by 8.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,039,076 shares of the company’s stock valued at $29,115,000 after acquiring an additional 83,182 shares in the last quarter. TD Asset Management Inc bought a new stake in shares of Zurn Elkay Water Solutions during the 2nd quarter valued at about $1,548,000. California Public Employees Retirement System boosted its stake in shares of Zurn Elkay Water Solutions by 20.5% during the 3rd quarter. California Public Employees Retirement System now owns 213,827 shares of the company’s stock valued at $5,991,000 after purchasing an additional 36,307 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Zurn Elkay Water Solutions by 17.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 840,402 shares of the company’s stock valued at $23,548,000 after purchasing an additional 126,184 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Zurn Elkay Water Solutions by 70.9% during the 3rd quarter. IFP Advisors Inc now owns 2,564 shares of the company’s stock valued at $72,000 after purchasing an additional 1,064 shares in the last quarter. 82.45% of the stock is owned by institutional investors.

Zurn Elkay Water Solutions Price Performance

The stock has a market cap of $5.75 billion, a P/E ratio of 51.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.21. The firm has a 50-day moving average price of $29.50 and a 200-day moving average price of $28.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.90 and a current ratio of 3.14.

Zurn Elkay Water Solutions Company Profile

(Get Free Report)

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.

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