Public Sector Pension Investment Board Acquires Shares of 304,600 Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Public Sector Pension Investment Board acquired a new stake in Zurn Elkay Water Solutions Co. (NYSE:ZWS) during the third quarter, HoldingsChannel reports. The fund acquired 304,600 shares of the company’s stock, valued at approximately $10,947,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its holdings in Zurn Elkay Water Solutions by 11.1% in the 2nd quarter. Sei Investments Co. now owns 211,183 shares of the company’s stock valued at $6,209,000 after buying an additional 21,081 shares in the last quarter. Global Alpha Capital Management Ltd. grew its holdings in shares of Zurn Elkay Water Solutions by 23.1% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 92,448 shares of the company’s stock worth $3,323,000 after purchasing an additional 17,350 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Zurn Elkay Water Solutions by 209.9% during the 2nd quarter. Hsbc Holdings PLC now owns 82,640 shares of the company’s stock worth $2,411,000 after purchasing an additional 55,970 shares in the last quarter. Impax Asset Management Group plc grew its holdings in shares of Zurn Elkay Water Solutions by 4.1% during the 3rd quarter. Impax Asset Management Group plc now owns 8,801,275 shares of the company’s stock worth $315,645,000 after purchasing an additional 346,412 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Zurn Elkay Water Solutions during the 2nd quarter worth $431,000. 83.33% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Zurn Elkay Water Solutions

In other news, VP Sudhanshu Chhabra sold 52,851 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.55, for a total transaction of $1,720,300.05. Following the completion of the transaction, the vice president now directly owns 80,151 shares in the company, valued at $2,608,915.05. This trade represents a 39.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd A. Adams sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was 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 owns 2,242,867 shares of the company’s stock, valued at $89,333,392.61. This trade represents a 5.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 225,688 shares of company stock worth $8,400,151. 3.80% of the stock is currently owned by insiders.

Zurn Elkay Water Solutions Stock Performance

NYSE:ZWS opened at $39.68 on Friday. The stock’s 50-day simple moving average is $37.31 and its 200 day simple moving average is $33.28. The firm has a market capitalization of $6.73 billion, a PE ratio of 50.23, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The company has a quick ratio of 1.71, a current ratio of 2.70 and a debt-to-equity ratio of 0.31. Zurn Elkay Water Solutions Co. has a twelve month low of $27.55 and a twelve month high of $40.64.

Zurn Elkay Water Solutions (NYSE:ZWS) last posted its earnings results on Tuesday, October 29th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. The firm had revenue of $410.00 million during 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%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. On average, analysts anticipate that Zurn Elkay Water Solutions Co. will post 1.24 EPS for the current fiscal year.

Zurn Elkay Water Solutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Wednesday, November 20th will be given a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 0.91%. Zurn Elkay Water Solutions’s dividend payout ratio (DPR) is currently 45.57%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Robert W. Baird increased their target price on Zurn Elkay Water Solutions from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their target price on Zurn Elkay Water Solutions from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Oppenheimer raised their price objective on Zurn Elkay Water Solutions from $37.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Mizuho raised their price objective on Zurn Elkay Water Solutions from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus raised their price objective on Zurn Elkay Water Solutions from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Zurn Elkay Water Solutions has an average rating of “Hold” and an average target price of $38.17.

About Zurn Elkay Water Solutions

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.