Bank of New York Mellon Corp Lowers Stock Holdings in Zurn Elkay Water Solutions Cor (NYSE:ZWS)

Bank of New York Mellon Corp reduced its stake in Zurn Elkay Water Solutions Cor (NYSE:ZWS) by 40.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,053,263 shares of the company’s stock after selling 714,206 shares during the quarter. Bank of New York Mellon Corp’s holdings in Zurn Elkay Water Solutions Cor were worth $34,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of ZWS. DAVENPORT & Co LLC raised its position in shares of Zurn Elkay Water Solutions Cor by 11.3% in the 1st quarter. DAVENPORT & Co LLC now owns 9,523 shares of the company’s stock worth $314,000 after acquiring an additional 964 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in Zurn Elkay Water Solutions Cor by 2.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 77,158 shares of the company’s stock worth $2,545,000 after buying an additional 2,126 shares during the last quarter. Perpetual Ltd raised its position in Zurn Elkay Water Solutions Cor by 23.4% in the 1st quarter. Perpetual Ltd now owns 264,396 shares of the company’s stock worth $8,720,000 after buying an additional 50,207 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $2,642,000. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in shares of Zurn Elkay Water Solutions Cor during the 1st quarter valued at about $265,000. 83.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ZWS has been the topic of several recent research reports. The Goldman Sachs Group decreased their price objective on Zurn Elkay Water Solutions Cor from $39.00 to $34.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Stifel Nicolaus increased their price target on Zurn Elkay Water Solutions Cor from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, April 24th. Robert W. Baird dropped their price objective on Zurn Elkay Water Solutions Cor from $42.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. BNP Paribas cut Zurn Elkay Water Solutions Cor from an “outperform” rating to a “neutral” rating and set a $29.00 price target for the company. in a research note on Wednesday, April 9th. Finally, Mizuho set a $36.00 price target on Zurn Elkay Water Solutions Cor in a research report on Friday, May 16th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.29.

Zurn Elkay Water Solutions Cor Price Performance

ZWS stock opened at $36.48 on Wednesday. The stock has a 50-day moving average price of $36.47 and a two-hundred day moving average price of $35.35. The company has a market cap of $6.14 billion, a PE ratio of 36.85, a price-to-earnings-growth ratio of 2.32 and a beta of 0.99. Zurn Elkay Water Solutions Cor has a 12-month low of $27.74 and a 12-month high of $41.15. The company has a current ratio of 2.87, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32.

Zurn Elkay Water Solutions Cor (NYSE:ZWS) last posted its earnings results on Tuesday, April 22nd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02. Zurn Elkay Water Solutions Cor had a return on equity of 14.43% and a net margin of 10.72%. The company had revenue of $388.80 million during the quarter, compared to analyst estimates of $383.87 million. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, research analysts predict that Zurn Elkay Water Solutions Cor will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Cor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Tuesday, May 20th were issued a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.99%. Zurn Elkay Water Solutions Cor’s payout ratio is currently 36.36%.

Insiders Place Their Bets

In other news, CFO David J. Pauli sold 2,706 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $37.11, for a total value of $100,419.66. Following the transaction, the chief financial officer directly owned 60,772 shares of the company’s stock, valued at approximately $2,255,248.92. This represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Sudhanshu Chhabra sold 25,921 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $37.19, for a total transaction of $964,001.99. Following the transaction, the vice president directly owned 94,132 shares in the company, valued at $3,500,769.08. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Zurn Elkay Water Solutions Cor 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.