Executives at Zurn Elkay Water Solutions Corp (NYSE:ZWS), a leader in water solutions and plumbing products, have recently engaged in significant stock transactions, according to the latest SEC filings. The documents show a series of sales totaling over $3.2 million.
The reported sales occurred at weighted average prices ranging from $32.07 to $32.18 per share. Specifically, on April 5, 2024, a total of 50,172 shares were sold at an average price of $32.18, and on April 8, 2024, another 49,828 shares were sold at an average price of $32.07. The transactions were carried out in multiple trades within the price ranges of $32.15 to $32.33 and $32.00 to $32.36, respectively, for each day.
These sales were made by entities associated with Zurn Elkay Water Solutions Corp, including Ice Mountain LLC, Cascade Bay LLC, and Katz 2004 DYN Trust, all of which share a degree of interconnected ownership and management. The SEC filing indicates that these entities may be deemed to beneficially own the shares directly held by Ice Mountain LLC.
The SEC Form 4 also mentions an administrative error that led to the late reporting of an acquisition of 277,092 shares of common stock, which was a result of an escrow share deposit release from a working capital adjustment related to the company's merger with Elkay Manufacturing Company on July 1, 2022.
Investors and market watchers often scrutinize insider transactions for signals about a company's financial health and executive confidence. The recent sales by Zurn Elkay Water Solutions insiders may thus attract attention from the investment community as they evaluate their positions in the company's stock.
InvestingPro Insights
Zurn Elkay Water Solutions Corp (NYSE:ZWS) has been the subject of investor focus due to recent insider transactions. To further understand the company's financial standing and future prospects, certain metrics and InvestingPro Tips provide additional insight. The company's market capitalization stands at a robust $5.62 billion, and it has been trading at a P/E ratio of 49.95, which adjusts to a slightly lower 45.37 when considering the last twelve months as of Q4 2023.
One of the key InvestingPro Tips for Zurn Elkay is the expectation of net income growth this year. This is significant as it suggests potential upside for investors and may reflect positively on the company's strategic initiatives and market position. Additionally, the company's P/E ratio is low relative to near-term earnings growth, indicating that the stock may be undervalued given its growth prospects. This could be a compelling factor for investors looking for growth at a reasonable price.
From a financial performance standpoint, Zurn Elkay has exhibited a solid revenue growth of 19.4% in the last twelve months as of Q4 2023, underscoring its ability to expand its top line effectively. The company also boasts a strong return over the last year, with a 60.96% price total return, which is indicative of investor confidence and market performance.
For investors looking to delve deeper into Zurn Elkay's financials and future outlook, there are additional InvestingPro Tips available. For instance, the company is noted to operate with a moderate level of debt and has liquid assets that exceed short-term obligations, which may appeal to risk-averse investors seeking a stable financial structure. With a total of 9 additional tips listed on InvestingPro, investors can gain a more comprehensive understanding of the company's position. To access these insights and more, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
Finally, the next earnings date is set for April 23, 2024, which will likely provide further clarity on the company's performance and strategic direction, making it a date of interest for shareholders and potential investors alike.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.