The State of New Jersey Common Pension Fund D has to be commended for its latest investment move. According to recent disclosure with the Securities and Exchange Commission, the institutional investor raised its stake in shares of Zurn Elkay Water Solutions Co. (NYSE:ZWS) by an impressive 39.6% during the final quarter of last year. This saw them acquire a significant holding of 112,604 additional shares of stock in the global leader in water distribution solutions. The firm’s portfolio manager responsible for overseeing that selection deserves massive commendation.
The acquisition takes State of New Jersey Common Pension Fund D’s ownership percentage to about 0.06% which is valued at a stable $2,382,000 based on its most recent filing with the Securities and Exchange Commission.
This investment move seems to have paid off as Zurn Elkay Water Solution recently announced its quarterly dividend payment to all eligible investors who were recorded on Tuesday, February 21st – this was later paid out on March 7th. Each investor who qualified was entitled to a dividend payout ratio of 57 cents which represents an annualized dividend yield of around 1.31%.
Though some analysts have downgraded their target price projection for shares of Zurn Elkay Water Solutions Co., it is noteworthy that Goldman Sachs still maintains a “Buy” rating with a target price set at $25 per share as opposed to their initial target price projection which was projected at $29 per share. Also, Stifel Nicolaus lowered their price objective on shares from $27 per share to now $24 while KeyCorp trimmed theirs from $32 per share to now pegged at $28.
In conclusion, all financial analysts agree that owning shares in Zurn Elkay Water Solutions Co.is a wise business choice; it may be confusing and difficult trying to understand these complex investments but one thing is clear – those who invested without hesitation will reap excellent returns on their investment.
Zurn Elkay Water Solutions Sees Increase in Institutional Investor Interest and Insider Stock Sales
Zurn Elkay Water Solutions Co., a provider of water management solutions, has recently seen an increase in institutional investor interest. KBC Group NV raised its stake in the company by 8.4% during Q3, while Inspire Investing LLC increased its holdings by 8.0%, Benjamin F. Edwards & Company Inc. by 21.4%, Captrust Financial Advisors by 2.3%, and Massachusetts Financial Services Co. MA by 0.9%. Collectively, institutional investors and hedge funds now own almost three-quarters of the company’s stock.
In other news, Director Thomas Christopoul sold over 23,000 shares of Zurn Elkay Water Solutions’ stock for a total value of $567,262.80 on February 14th. Following the sale, he held approximately $2.3 million worth of shares in the company directly.
Insider Craig Wehr also sold over 1,400 shares on February 16th for a total transaction value of $33,411.
The New York Stock Exchange-listed firm also announced a quarterly dividend payment earlier this year amounting to $0.07 per share payable to investors who owned shares on record at close of trading on February 21st.
Meanwhile, Zurn Elkay Water Solutions has had a mixed performance thus far in the market having opened at $21.41 per share on Tuesday with a market capitalization of approximately $3.76 billion and P/E ratio of about44.
The business released its earnings results for Q4 last month having met analyst estimates with adjusted earnings per share of $0.16 and revenues totalling around $340 million, up considerably from its Q4 revenue figures from the previous year.
Despite uncertainties that come with nearly all businesses in these times being impacted by COVID-19 pandemic trading conditions have further shown positive prospects with projected EPS figure believed to be around$0..89 for the current fiscal year.