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

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target on shares of Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Robert W. Baird lowered their price target on Zurn Elkay Water Solutions Cor from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 23rd. UBS Group set a $56.00 price target on Zurn Elkay Water Solutions Cor in a report on Thursday, April 23rd. Royal Bank Of Canada boosted their price target on Zurn Elkay Water Solutions Cor from $49.00 to $56.00 and gave the company a “sector perform” rating in a report on Thursday, April 23rd. Finally, 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. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Zurn Elkay Water Solutions Cor currently has a consensus rating of “Moderate Buy” and an average price target of $54.88.

Zurn Elkay Water Solutions Cor Stock Down 4.2%

The firm’s 50-day moving average price is $47.96 and its 200 day moving average price is $47.91. The firm has a market cap of $7.80 billion, a P/E ratio of 37.71, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11. 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 (NYSE:ZWS) last issued its quarterly earnings data 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 firm had revenue of $433.00 million for the quarter, compared to the consensus estimate of $418.99 million. Zurn Elkay Water Solutions Cor had a net margin of 12.26% and a return on equity of 17.40%. Zurn Elkay Water Solutions Cor’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $0.31 EPS. As a group, research analysts expect that Zurn Elkay Water Solutions Cor will post 1.75 earnings per share for the current year.

Zurn Elkay Water Solutions Cor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Wednesday, May 20th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 20th. Zurn Elkay Water Solutions Cor’s dividend payout ratio is 35.48%.

Institutional Trading of Zurn Elkay Water Solutions Cor

Several hedge funds have recently added to or reduced their stakes in ZWS. Empowered Funds LLC acquired a new position in Zurn Elkay Water Solutions Cor during the 1st quarter worth $277,000. Woodline Partners LP bought 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 raised 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 purchasing an additional 24,348 shares in the last quarter. American Century Companies Inc. lifted its holdings 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 during the period. Finally, Russell Investments Group Ltd. grew its position in Zurn Elkay Water Solutions Cor by 4.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,042 shares of the company’s stock valued at $660,000 after buying an additional 718 shares in the last quarter. Institutional investors own 83.33% of the company’s stock.

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.