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

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

Zurn Elkay Water Solutions Cor Stock Performance

NYSE:ZWS traded up $0.39 during mid-day trading on Tuesday, reaching $49.16. 1,214,124 shares of the stock were exchanged, compared to its average volume of 1,045,150. The stock has a market capitalization of $8.20 billion, a P/E ratio of 39.65, a P/E/G ratio of 1.91 and a beta of 1.04. Zurn Elkay Water Solutions Cor has a 1 year low of $37.90 and a 1 year high of $53.76. The company has a 50 day simple moving average of $48.28 and a 200-day simple moving average of $48.29. The company has a quick ratio of 2.11, a current ratio of 3.24 and a debt-to-equity ratio of 0.31.

Zurn Elkay Water Solutions Cor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors 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 (DPR) is currently 35.48%.

Analyst Ratings Changes

A number of analysts have issued reports on ZWS shares. Weiss Ratings upgraded shares of Zurn Elkay Water Solutions Cor from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective on shares of Zurn Elkay Water Solutions Cor in a research report on Thursday, April 23rd. Stifel Nicolaus cut their target price on Zurn Elkay Water Solutions Cor from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. UBS Group set a $56.00 target price on Zurn Elkay Water Solutions Cor in a research note on Thursday, April 23rd. Finally, Barclays assumed coverage on shares of Zurn Elkay Water Solutions Cor in a research note on Tuesday, June 30th. They issued an “overweight” rating and a $59.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently 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

Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC purchased a new stake in Zurn Elkay Water Solutions Cor in the 3rd quarter valued at $25,000. Kemnay Advisory Services Inc. purchased a new position in Zurn Elkay Water Solutions Cor during the 4th quarter worth $35,000. Allworth Financial LP grew its position in Zurn Elkay Water Solutions Cor by 507.5% during the 3rd quarter. Allworth Financial LP now owns 978 shares of the company’s stock worth $46,000 after purchasing an additional 817 shares during the last quarter. UMB Bank n.a. increased its stake in Zurn Elkay Water Solutions Cor by 24.2% in the fourth quarter. UMB Bank n.a. now owns 1,233 shares of the company’s stock valued at $57,000 after purchasing an additional 240 shares during the period. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Zurn Elkay Water Solutions Cor in the third quarter valued at about $61,000. 83.33% of the stock is currently owned by hedge funds and other institutional investors.

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.