Corebridge Financial Inc. Cuts Stock Holdings in Zurn Elkay Water Solutions Co. (NYSE:ZWS)

Corebridge Financial Inc. lowered its stake in Zurn Elkay Water Solutions Co. (NYSE:ZWS) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,644 shares of the company’s stock after selling 6,023 shares during the quarter. Corebridge Financial Inc.’s holdings in Zurn Elkay Water Solutions were worth $2,859,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ZWS. HighTower Advisors LLC increased its holdings in shares of Zurn Elkay Water Solutions by 3.3% in the third quarter. HighTower Advisors LLC now owns 8,092 shares of the company’s stock worth $293,000 after purchasing an additional 259 shares during the last quarter. DAVENPORT & Co LLC increased its stake in Zurn Elkay Water Solutions by 3.2% in the 4th quarter. DAVENPORT & Co LLC now owns 8,559 shares of the company’s stock worth $319,000 after acquiring an additional 269 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Zurn Elkay Water Solutions by 7.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,984 shares of the company’s stock worth $205,000 after acquiring an additional 344 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Zurn Elkay Water Solutions by 0.7% during the 4th quarter. Sanctuary Advisors LLC now owns 58,208 shares of the company’s stock valued at $2,288,000 after acquiring an additional 389 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in shares of Zurn Elkay Water Solutions by 4.8% in the fourth quarter. Venturi Wealth Management LLC now owns 9,441 shares of the company’s stock valued at $352,000 after purchasing an additional 430 shares in the last quarter. Institutional investors own 83.33% of the company’s stock.

Insider Transactions at Zurn Elkay Water Solutions

In other news, major shareholder Aimee Katz sold 8,912,500 shares of Zurn Elkay Water Solutions 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 owns 15,002,819 shares of the company’s stock, valued at approximately $504,094,718.40. The trade was a 37.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David J. Pauli sold 8,390 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $35.47, for a total value of $297,593.30. Following the completion of the transaction, the chief financial officer now directly 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. Corporate insiders own 2.60% of the company’s stock.

Zurn Elkay Water Solutions Price Performance

Zurn Elkay Water Solutions stock opened at $33.00 on Tuesday. The firm has a market capitalization of $5.57 billion, a PE ratio of 35.87, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. Zurn Elkay Water Solutions Co. has a 12-month low of $28.25 and a 12-month high of $41.15. The firm has a 50-day moving average price of $35.79 and a 200-day moving average price of $36.91. The company has a current ratio of 2.91, a quick ratio of 1.81 and a debt-to-equity ratio of 0.31.

Zurn Elkay Water Solutions (NYSE:ZWS) last announced its earnings results 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 return on equity of 14.03% and a net margin of 10.23%. As a group, equities research analysts forecast that Zurn Elkay Water Solutions Co. will post 1.36 EPS for the current year.

Zurn Elkay Water Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Thursday, February 20th were paid a $0.09 dividend. The ex-dividend date was Thursday, February 20th. This represents a $0.36 dividend on an annualized basis and a yield of 1.09%. Zurn Elkay Water Solutions’s payout ratio is 39.13%.

Analysts Set New Price Targets

Separately, Stifel Nicolaus upped their price target 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. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.40.

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.