Zurn Elkay Water Solutions Cor (NYSE:ZWS) Stock Price Down 5.8% – Here’s Why

Zurn Elkay Water Solutions Cor (NYSE:ZWS) shares dropped 5.8% on Thursday . The stock traded as low as $45.79 and last traded at $45.9560. Approximately 343,500 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 1,046,361 shares. The stock had previously closed at $48.80.

Analyst Upgrades and Downgrades

ZWS has been the topic of several research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Stifel Nicolaus increased their price target on Zurn Elkay Water Solutions Cor from $53.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, April 29th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $50.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, February 5th. Finally, UBS Group set a $56.00 price target on Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Zurn Elkay Water Solutions Cor presently has an average rating of “Moderate Buy” and an average price target of $54.88.

Zurn Elkay Water Solutions Cor Trading Down 4.2%

The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 1.93 and a beta of 1.11. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.11 and a current ratio of 3.24. The firm has a fifty day moving average of $47.96 and a 200-day moving average of $47.91.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last announced its earnings results on Tuesday, April 21st. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $433.00 million during the quarter, compared to the consensus estimate of $418.99 million. Zurn Elkay Water Solutions Cor had a return on equity of 17.40% and a net margin of 12.26%.The company’s revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. As a group, equities analysts predict that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $0.11 per share. The ex-dividend date is Wednesday, May 20th. This represents a $0.44 annualized dividend and a dividend yield of 0.9%. Zurn Elkay Water Solutions Cor’s dividend payout ratio (DPR) is currently 35.48%.

Institutional Trading of Zurn Elkay Water Solutions Cor

Several large investors have recently modified their holdings of ZWS. Empowered Funds LLC acquired a new stake in shares of Zurn Elkay Water Solutions Cor during the first quarter valued at about $277,000. Woodline Partners LP acquired a new stake in shares of Zurn Elkay Water Solutions Cor during the first quarter valued at about $4,632,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Zurn Elkay Water Solutions Cor by 5.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 488,985 shares of the company’s stock valued at $16,127,000 after acquiring an additional 24,348 shares in the last quarter. American Century Companies Inc. grew its stake in Zurn Elkay Water Solutions Cor by 3.8% in the second 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. grew its stake in 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 in the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Cor Company 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.