State Street Corp Buys 2,119,777 Shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS)

State Street Corp grew its position in Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 63.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,441,980 shares of the company’s stock after purchasing an additional 2,119,777 shares during the quarter. State Street Corp’s holdings in Zurn Elkay Water Solutions were worth $195,585,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ZWS. Tortoise Investment Management LLC grew its position in shares of Zurn Elkay Water Solutions by 76.7% during the 2nd quarter. Tortoise Investment Management LLC now owns 859 shares of the company’s stock worth $25,000 after purchasing an additional 373 shares in the last quarter. Quarry LP increased its stake in shares of Zurn Elkay Water Solutions by 178.7% in the 2nd quarter. Quarry LP now owns 836 shares of the company’s stock valued at $25,000 after purchasing an additional 536 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Zurn Elkay Water Solutions during the second quarter worth about $29,000. V Square Quantitative Management LLC acquired a new position in Zurn Elkay Water Solutions during the 3rd quarter worth approximately $36,000. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Zurn Elkay Water Solutions by 732.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,440 shares of the company’s stock worth $42,000 after buying an additional 1,267 shares in the last quarter. 83.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ZWS. Stifel Nicolaus upped their price objective on Zurn Elkay Water Solutions from $36.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday. Oppenheimer upped their price target on shares of Zurn Elkay Water Solutions from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Robert W. Baird boosted their price target 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, Mizuho increased their price target on Zurn Elkay Water Solutions from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.50.

Zurn Elkay Water Solutions Stock Down 0.9 %

Shares of NYSE:ZWS opened at $39.99 on Friday. Zurn Elkay Water Solutions Co. has a 52-week low of $27.55 and a 52-week high of $41.15. The business’s 50 day simple moving average is $38.24 and its two-hundred day simple moving average is $33.79. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.71 and a current ratio of 2.70. The firm has a market cap of $6.79 billion, a P/E ratio of 50.81, a PEG ratio of 2.05 and a beta of 1.14.

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

Zurn Elkay Water Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.09 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.36 dividend on an annualized basis and a yield of 0.90%. This is an increase from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.08. Zurn Elkay Water Solutions’s payout ratio is 45.57%.

Insider Transactions at Zurn Elkay Water Solutions

In related news, VP Jeffrey J. Lavalle sold 3,132 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $39.15, for a total transaction of $122,617.80. Following the transaction, the vice president now directly owns 35,422 shares in the company, valued at approximately $1,386,771.30. The trade was a 8.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy J. Jahnke sold 10,035 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.00, for a total transaction of $351,225.00. Following the completion of the sale, the director now owns 374,982 shares of the company’s stock, valued at approximately $13,124,370. This trade represents a 2.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 157,237 shares of company stock valued at $6,164,583 over the last ninety days. 3.80% of the stock is currently owned by insiders.

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.