Zurn Elkay Water Solutions Co. (NYSE:ZWS) Stake Cut by Wellington Management Group LLP

Wellington Management Group LLP decreased its holdings in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 9.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,515,503 shares of the company’s stock after selling 472,915 shares during the period. Wellington Management Group LLP owned about 2.68% of Zurn Elkay Water Solutions worth $168,428,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ZWS. Raymond James Financial Inc. bought a new stake in shares of Zurn Elkay Water Solutions during the 4th quarter valued at about $80,457,000. State Street Corp grew its holdings in shares of Zurn Elkay Water Solutions by 63.8% during the third quarter. State Street Corp now owns 5,441,980 shares of the company’s stock valued at $195,585,000 after purchasing an additional 2,119,777 shares during the last quarter. Norges Bank acquired a new stake in shares of Zurn Elkay Water Solutions during the 4th quarter worth approximately $61,412,000. Principal Financial Group Inc. lifted its holdings in shares of Zurn Elkay Water Solutions by 49.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,619,953 shares of the company’s stock worth $94,161,000 after purchasing an additional 868,748 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Zurn Elkay Water Solutions by 25.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,615,944 shares of the company’s stock valued at $58,077,000 after purchasing an additional 329,563 shares during the period. 83.33% of the stock is owned by institutional investors and hedge funds.

Zurn Elkay Water Solutions Stock Performance

Shares of ZWS opened at $33.47 on Thursday. The firm has a market capitalization of $5.65 billion, a PE ratio of 36.38, a P/E/G ratio of 2.01 and a beta of 1.16. The company has a quick ratio of 1.81, a current ratio of 2.91 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $35.57 and a 200 day moving average price of $36.89. Zurn Elkay Water Solutions Co. has a 52-week low of $28.25 and a 52-week high of $41.15.

Zurn Elkay Water Solutions (NYSE:ZWS) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. Zurn Elkay Water Solutions had a net margin of 10.23% and a return on equity of 14.03%. On average, sell-side analysts anticipate that Zurn Elkay Water Solutions Co. will post 1.36 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Thursday, February 20th were issued a $0.09 dividend. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $0.36 annualized dividend and a dividend yield of 1.08%. Zurn Elkay Water Solutions’s dividend payout ratio (DPR) is 39.13%.

Insider Activity at Zurn Elkay Water Solutions

In related news, major shareholder Aimee Katz sold 8,912,500 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $33.60, for a total transaction of $299,460,000.00. Following the completion of the sale, the insider now directly owns 15,002,819 shares of the company’s stock, valued at $504,094,718.40. This represents a 37.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David J. Pauli sold 8,390 shares of Zurn Elkay Water Solutions stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $35.47, for a total transaction of $297,593.30. Following the completion of the transaction, the chief financial officer now owns 59,410 shares in the company, valued at approximately $2,107,272.70. This trade represents a 12.37 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

ZWS has been the topic of several analyst reports. Stifel Nicolaus increased their target price on Zurn Elkay Water Solutions from $38.00 to $39.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. The Goldman Sachs Group cut their price objective on shares of Zurn Elkay Water Solutions from $39.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.67.

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.