In a recent transaction, Ice Mountain LLC, a ten percent owner of Zurn Elkay Water Solutions Corp (NYSE:ZWS), sold shares of the company's common stock. The sale, which took place on June 13, 2024, involved 687 shares at a price of $31.25 per share, totaling approximately $21,468.
The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. According to the details of the filing, the shares of Common Stock are directly held by Ice Mountain LLC. Cascade Bay LLC acts as the manager and sole Class A Member of Ice Mountain, while the Katz 2004 DYN Trust serves as the Special Assets Manager of Cascade Bay. Both Cascade Bay and the Katz 2004 DYN Trust may be considered to beneficially own the shares held by Ice Mountain due to their management roles.
Following the sale, Ice Mountain LLC's holdings in Zurn Elkay Water Solutions Corp were adjusted to 23,874,164 shares of common stock. The transaction was signed by John Thickens, Senior Vice President of Northern Trust (NASDAQ:NTRS) Company, on behalf of the reporting owners.
Zurn Elkay Water Solutions Corp, known for its industrial machinery and equipment, has had several name changes in its history, previously being known as Zurn Water Solutions Corp and Rexnord (NYSE:ZWS) Corp. The company is incorporated in Delaware and has its business address in Milwaukee, Wisconsin.
Investors and market watchers often monitor insider transactions such as these for insights into the company's performance and insider perspectives on the stock's value.
In other recent news, Zurn Elkay Water Solutions Corporation has made significant strides in its financial performance and shareholder value. The company announced a robust Q1 performance, with sales increasing by 400 basis points year-over-year and adjusted EBITDA rising by 24%. This strong performance led the company to raise its full-year margin outlook and confirm plans for share repurchases.
In addition to these financial developments, Zurn Elkay declared a quarterly dividend of $0.08 per share, scheduled for payout in June. This regular dividend payment is part of the company's ongoing efforts to deliver value to its shareholders.
The company has also been active in product innovation, with successful launches such as the Hydro-X Sensor Flush Valve. CEO Todd Adams highlighted the company's growth strategies, focusing on the drinking water and filtration segments, which are expected to see double-digit growth rates.
These are among the recent developments at Zurn Elkay, a company known for its commitment to sustainable practices in water management. Investors should note that the company's statements are subject to risks and uncertainties, and actual results may differ from those currently anticipated.
InvestingPro Insights
Zurn Elkay Water Solutions Corp (NYSE:ZWS) has recently been under the investor's microscope following insider transactions. Ice Mountain LLC's sale of ZWS shares has prompted a closer look at the company's financial health and market performance. Key metrics and InvestingPro Tips provide a deeper understanding of Zurn Elkay Water Solutions Corp's current position in the market.
InvestingPro data indicates that Zurn Elkay Water Solutions Corp has a market capitalization of $5.32 billion USD, with a P/E ratio standing at 43.09. Notably, the company's adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 38.29, suggesting a favorable earnings outlook compared to the current price level. Furthermore, the company's revenue growth over the last twelve months as of Q1 2024 is 8.34%, indicating a steady increase in its business activities.
From the perspective of InvestingPro Tips, Zurn Elkay Water Solutions Corp boasts a perfect Piotroski Score of 9, highlighting strong financial health. Additionally, analysts have revised their earnings upwards for the upcoming period, reflecting optimism about the company's future profitability. With a total of 11 InvestingPro Tips available, investors can gain a comprehensive view of ZWS's potential by exploring these insights further.
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