Zurn Elkay Water Solutions Cor (NYSE:ZWS) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Zurn Elkay Water Solutions Cor (NYSE:ZWS) released its quarterly earnings results on Tuesday. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03, FiscalAI reports. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. The business had revenue of $491.00 million during the quarter, compared to analyst estimates of $483.09 million.

Zurn Elkay Water Solutions Cor Stock Up 0.8%

NYSE ZWS traded up $0.39 during trading hours on Tuesday, reaching $49.16. 1,214,124 shares of the company traded hands, compared to its average volume of 1,042,211. The stock has a market capitalization of $8.20 billion, a PE ratio of 39.65, a PEG ratio of 1.91 and a beta of 1.04. The company has a current ratio of 3.24, a quick ratio of 2.11 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Cor has a 12 month low of $37.90 and a 12 month high of $53.76. The company has a 50 day moving average of $48.28 and a two-hundred day moving average of $48.29.

Zurn Elkay Water Solutions Cor Announces Dividend

The business 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 dividend of $0.11 per share. 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 35.48%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stifel Nicolaus cut their price objective on shares of Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Oppenheimer restated an “outperform” rating and set a $58.00 target price on shares of Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Barclays started coverage on Zurn Elkay Water Solutions Cor in a research report on Tuesday, June 30th. They set an “overweight” rating and a $59.00 target price on the stock. Royal Bank Of Canada boosted their price target on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings raised Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, April 29th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.00.

Hedge Funds Weigh In On Zurn Elkay Water Solutions Cor

Several large investors have recently modified their holdings of ZWS. First Trust Advisors LP grew its stake in Zurn Elkay Water Solutions Cor by 51.9% in the fourth quarter. First Trust Advisors LP now owns 3,303,735 shares of the company’s stock worth $153,591,000 after purchasing an additional 1,128,917 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Zurn Elkay Water Solutions Cor by 78.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 906,884 shares of the company’s stock valued at $42,161,000 after buying an additional 399,180 shares in the last quarter. UBS Group AG raised its stake in Zurn Elkay Water Solutions Cor by 157.0% during the third quarter. UBS Group AG now owns 479,166 shares of the company’s stock valued at $22,535,000 after buying an additional 292,747 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Zurn Elkay Water Solutions Cor by 18,251.2% during the 4th quarter. Federated Hermes Inc. now owns 280,223 shares of the company’s stock worth $13,028,000 after buying an additional 278,696 shares during the last quarter. Finally, Oberweis Asset Management Inc. bought a new position in Zurn Elkay Water Solutions Cor during the 3rd quarter worth approximately $12,510,000. Institutional investors own 83.33% of the company’s stock.

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.