Zurn Elkay draws new $2.31M stake as analysts turn bullish
What's the deal? Sanctuary Advisors LLCDealroom has a profile for this one. Try Dealroom → bought a new $2,306,000 position in Zurn Elkay Water Solutions CorDealroom has a profile for this one. Try Dealroom → (NYSE:ZWS), acquiring 45,630 shares during the second quarter, according to a filing with the Securities and Exchange Commission.
What does the company do? Zurn Elkay makes water management and drinking water solutions. It carries a market capitalisation of $8.12 billion and a P/E ratio of 30.24.
The numbers: Zurn Elkay reported $0.50 earnings per share for the quarter ended July 28, beating the $0.47 consensus by $0.03. Revenue reached $491 million, ahead of the $483.04 million analysts expected. The company posted a net margin of 15.45%.
Who else is buying? Sanctuary was one of several new institutional backers in the quarter. Connor Clark & Lunn Investment ManagementDealroom has a profile for this one. Try Dealroom → opened a roughly $5,628,000 position, Globeflex CapitalDealroom has a profile for this one. Try Dealroom → about $2,847,000, and Elevation Point Wealth PartnersDealroom has a profile for this one. Try Dealroom → some $901,000. Institutional investors now own 83.33% of the stock.
Analyst view: Brokerages have grown more positive. Stifel NicolausDealroom has a profile for this one. Try Dealroom → raised its target to $62 with a "buy" rating, BarclaysDealroom has a profile for this one. Try Dealroom → lifted its target to $61 with an "overweight" rating, and Zacks ResearchDealroom has a profile for this one. Try Dealroom → upgraded the stock to "strong-buy." The consensus is a "Moderate Buy" with an average target of $57.22.
What else? Director Jacques Donavon Butler bought 2,016 shares on August 19 at $49.60 each, a $99,993.60 purchase that lifted his holding by 5.68%. Insiders own 2.40% of the company.
The signal: The stock opened at $48.98, near the middle of its $43.06 to $55 range over the past year and below every published analyst target. Fresh institutional buying, insider purchases, and upgraded ratings point to growing confidence that the shares have room to run.
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