Zurn Elkay Water Solutions Co. (NYSE:ZWS) Shares Sold by DnB Asset Management AS

DnB Asset Management AS trimmed its holdings in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 59.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,767 shares of the company’s stock after selling 15,507 shares during the quarter. DnB Asset Management AS’s holdings in Zurn Elkay Water Solutions were worth $402,000 as of its most recent SEC filing.

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

Zurn Elkay Water Solutions Stock Performance

Zurn Elkay Water Solutions stock opened at $33.47 on Thursday. The firm has a 50 day simple moving average of $35.57 and a 200-day simple moving average of $36.89. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 36.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.91 and a quick ratio of 1.81. Zurn Elkay Water Solutions Co. has a 1-year low of $28.25 and a 1-year high of $41.15.

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

Zurn Elkay Water Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Thursday, February 20th were given a $0.09 dividend. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $0.36 dividend on an annualized basis and a yield of 1.08%. Zurn Elkay Water Solutions’s payout ratio is currently 39.13%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, major shareholder Aimee Katz sold 8,912,500 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $33.60, for a total transaction of $299,460,000.00. Following the completion of the transaction, the insider now directly owns 15,002,819 shares in the company, valued at $504,094,718.40. This trade represents a 37.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David J. Pauli sold 8,390 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $35.47, for a total value of $297,593.30. Following the completion of the sale, the chief financial officer now owns 59,410 shares in the company, valued at $2,107,272.70. This represents a 12.37 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by 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.