Jennison Associates LLC Cuts Position in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Jennison Associates LLC reduced its position in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS - Free Report) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,484,458 shares of the company's stock after selling 135,365 shares during the quarter. Jennison Associates LLC owned about 0.87% of Zurn Elkay Water Solutions worth $53,351,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Zurn Elkay Water Solutions by 49.6% during the third 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 period. Dimensional Fund Advisors LP raised its holdings in Zurn Elkay Water Solutions by 37.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,695,510 shares of the company's stock worth $49,846,000 after buying an additional 465,701 shares during the last quarter. Impax Asset Management Group plc lifted its stake in shares of Zurn Elkay Water Solutions by 4.1% in the third quarter. Impax Asset Management Group plc now owns 8,801,275 shares of the company's stock valued at $315,645,000 after buying an additional 346,412 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Zurn Elkay Water Solutions by 2.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 13,138,996 shares of the company's stock valued at $386,286,000 after buying an additional 265,857 shares during the last quarter. Finally, Epoch Investment Partners Inc. bought a new stake in shares of Zurn Elkay Water Solutions during the first quarter worth about $7,674,000. Institutional investors own 83.33% of the company's stock.

Zurn Elkay Water Solutions Stock Performance

ZWS traded up $0.46 during trading on Friday, hitting $39.81. 271,315 shares of the company traded hands, compared to its average volume of 1,107,025. Zurn Elkay Water Solutions Co. has a one year low of $27.55 and a one year high of $40.64. The stock's fifty day moving average is $36.71 and its 200 day moving average is $33.02. The company has a quick ratio of 1.71, a current ratio of 2.70 and a debt-to-equity ratio of 0.31. The firm has a market cap of $6.76 billion, a P/E ratio of 49.81, a price-to-earnings-growth ratio of 1.98 and a beta of 1.14.

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

Zurn Elkay Water Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Wednesday, November 20th will be given a $0.09 dividend. This is a boost from Zurn Elkay Water Solutions's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.90%. Zurn Elkay Water Solutions's payout ratio is presently 40.51%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Oppenheimer lifted their price target on Zurn Elkay Water Solutions from $37.00 to $40.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. Robert W. Baird upped their price target on Zurn Elkay Water Solutions from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Zurn Elkay Water Solutions from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Stifel Nicolaus increased their target price on shares of Zurn Elkay Water Solutions from $34.00 to $36.00 and gave the company a "hold" rating in a report on Wednesday, October 16th. Finally, Mizuho boosted their price target on shares of 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $38.17.

Insider Buying and Selling

In other news, VP Jeffrey J. Lavalle sold 3,132 shares of Zurn Elkay Water Solutions 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 sale, the vice president now owns 35,422 shares of the company's stock, valued at approximately $1,386,771.30. The trade was a 8.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David J. Pauli sold 4,070 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $39.15, for a total transaction of $159,340.50. Following the completion of the transaction, the chief financial officer now directly owns 47,572 shares of the company's stock, valued at approximately $1,862,443.80. The trade was a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,688 shares of company stock valued at $8,400,151 over the last ninety days. 3.80% of the stock is owned by insiders.

Zurn Elkay Water Solutions Company 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.