JPMorgan Chase & Co. Grows Position in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

JPMorgan Chase & Co. grew its holdings in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 25.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,615,944 shares of the company’s stock after acquiring an additional 329,563 shares during the quarter. JPMorgan Chase & Co.’s holdings in Zurn Elkay Water Solutions were worth $58,077,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ZWS. International Assets Investment Management LLC purchased a new position in Zurn Elkay Water Solutions in the second quarter worth $29,000. Victory Capital Management Inc. raised its holdings in shares of Zurn Elkay Water Solutions by 17.4% during the 2nd quarter. Victory Capital Management Inc. now owns 721,973 shares of the company’s stock valued at $21,226,000 after buying an additional 107,221 shares in the last quarter. Arizona State Retirement System lifted its position in Zurn Elkay Water Solutions by 1.4% in the 2nd quarter. Arizona State Retirement System now owns 40,929 shares of the company’s stock worth $1,203,000 after buying an additional 561 shares during the last quarter. Advisor OS LLC boosted its stake in Zurn Elkay Water Solutions by 2.8% in the second quarter. Advisor OS LLC now owns 29,362 shares of the company’s stock worth $863,000 after buying an additional 799 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Zurn Elkay Water Solutions by 38.9% during the second quarter. Los Angeles Capital Management LLC now owns 41,667 shares of the company’s stock valued at $1,225,000 after acquiring an additional 11,659 shares during the last quarter. Hedge funds and other institutional investors own 83.33% of the company’s stock.

Zurn Elkay Water Solutions Price Performance

ZWS stock opened at $37.06 on Friday. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 46.91, a PEG ratio of 2.02 and a beta of 1.14. The firm’s 50-day moving average price is $38.71 and its two-hundred day moving average price is $34.62. The company has a current ratio of 2.70, a quick ratio of 1.71 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Co. has a 12-month low of $27.55 and a 12-month high of $41.15.

Zurn Elkay Water Solutions (NYSE:ZWS) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $410.00 million for the quarter, compared to the consensus estimate of $406.15 million. Zurn Elkay Water Solutions had a return on equity of 13.30% and a net margin of 8.87%. Zurn Elkay Water Solutions’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 EPS. As a group, equities analysts predict that Zurn Elkay Water Solutions Co. will post 1.24 earnings per share for the current year.

Zurn Elkay Water Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Wednesday, November 20th were issued a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.36 annualized dividend and a yield of 0.97%. This is a boost from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.08. Zurn Elkay Water Solutions’s payout ratio is 45.57%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ZWS shares. Oppenheimer boosted their price objective on shares of Zurn Elkay Water Solutions from $37.00 to $40.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Mizuho boosted their price target on shares of Zurn Elkay Water Solutions from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Robert W. Baird raised their price objective on Zurn Elkay Water Solutions from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus boosted their target price on Zurn Elkay Water Solutions from $36.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Zurn Elkay Water Solutions presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Insider Buying and Selling at Zurn Elkay Water Solutions

In related news, CFO David J. Pauli sold 4,070 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $39.15, for a total value of $159,340.50. Following the sale, the chief financial officer now directly owns 47,572 shares of the company’s stock, valued at $1,862,443.80. This represents a 7.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd A. Adams sold 120,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $39.83, for a total value of $4,779,600.00. Following the transaction, the chief executive officer now directly owns 2,242,867 shares of the company’s stock, valued at $89,333,392.61. This represents a 5.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 147,202 shares of company stock valued at $5,813,358. 3.80% of the stock is currently owned by company insiders.

Zurn Elkay Water Solutions Profile

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, such as backflow preventers, fire system valves, pressure reducing valves, thermostatic mixing valves, PEX pipings, fittings, and installation tools under the Zurn and Wilkins brand names.