Geode Capital Management LLC Grows Position in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Geode Capital Management LLC boosted its holdings in Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,256,457 shares of the company’s stock after buying an additional 35,570 shares during the quarter. Geode Capital Management LLC owned 1.92% of Zurn Elkay Water Solutions worth $117,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ZWS. Quarry LP raised its holdings in shares of Zurn Elkay Water Solutions by 178.7% during the second 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. Tortoise Investment Management LLC raised its stake in Zurn Elkay Water Solutions by 76.7% during the 2nd quarter. Tortoise Investment Management LLC now owns 859 shares of the company’s stock valued at $25,000 after buying an additional 373 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Zurn Elkay Water Solutions during the 2nd quarter valued at $29,000. V Square Quantitative Management LLC purchased a new position in shares of Zurn Elkay Water Solutions in the 3rd quarter worth $36,000. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Zurn Elkay Water Solutions by 732.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,440 shares of the company’s stock worth $42,000 after acquiring an additional 1,267 shares during the period. Institutional investors own 83.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Stifel Nicolaus boosted their price target on Zurn Elkay Water Solutions from $36.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Oppenheimer boosted their target price 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 increased their price target on shares of Zurn Elkay Water Solutions from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Mizuho boosted their price objective on shares of Zurn Elkay Water Solutions from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Zurn Elkay Water Solutions has an average rating of “Moderate Buy” and an average price target of $38.50.

Zurn Elkay Water Solutions Stock Performance

ZWS opened at $38.99 on Wednesday. The company has a 50 day simple moving average of $38.50 and a two-hundred day simple moving average of $34.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.70 and a quick ratio of 1.71. The firm has a market cap of $6.62 billion, a P/E ratio of 49.36, a PEG ratio of 2.02 and a beta of 1.14. Zurn Elkay Water Solutions Co. has a 1-year low of $27.55 and a 1-year high of $41.15.

Zurn Elkay Water Solutions (NYSE:ZWS) last issued its earnings results on Tuesday, October 29th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.02. The company had revenue of $410.00 million during the quarter, compared to the consensus estimate of $406.15 million. Zurn Elkay Water Solutions had a net margin of 8.87% and a return on equity of 13.30%. Zurn Elkay Water Solutions’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. Equities analysts forecast that Zurn Elkay Water Solutions Co. will post 1.24 earnings per share for the current fiscal year.

Zurn Elkay Water Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Wednesday, November 20th were given a dividend of $0.09 per share. The ex-dividend date was Wednesday, November 20th. This represents a $0.36 annualized dividend and a dividend yield of 0.92%. This is a boost from Zurn Elkay Water Solutions’s previous quarterly dividend of $0.08. Zurn Elkay Water Solutions’s dividend payout ratio (DPR) is currently 45.57%.

Insider Activity at Zurn Elkay Water Solutions

In related news, CEO Todd A. Adams sold 120,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $39.83, for a total transaction of $4,779,600.00. Following the completion of the transaction, the chief executive officer now owns 2,242,867 shares in the company, valued at approximately $89,333,392.61. This represents a 5.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy J. Jahnke sold 10,035 shares of Zurn Elkay Water Solutions stock in a transaction on 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 in the company, valued at approximately $13,124,370. This represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,237 shares of company stock valued at $6,164,583. 3.80% of the stock is owned by company 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.