In a recent transaction, an insider at Zurn Elkay Water Solutions Corp (NYSE:ZWS) has sold a significant amount of company stock, totaling over $7.9 million. The transaction took place on April 22, 2024, and involved the sale of 249,582 shares at an average price of $32.04 per share.
The shares were sold in multiple transactions at prices ranging from $31.90 to $32.19, which indicates a weighted average price for the bulk sale. This insider transaction was reported in a Form 4 filing with the Securities and Exchange Commission (SEC) and reflects a substantial move by one of the company's insiders.
According to the filing, the shares of Common Stock are directly held by Ice Mountain LLC. Cascade Bay LLC is the manager and sole Class A Member of Ice Mountain. Additionally, the Katz 2004 DYN Trust is the Special Assets Manager of Cascade Bay. Both DYN and Cascade Bay may be deemed to beneficially own the shares of Common Stock directly held by Ice Mountain.
The reporting person has committed to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request to Zurn Elkay Water Solutions Corporation, any security holder, or the staff of the SEC.
The sale has left the insider with a remaining direct ownership of 24,505,660 shares in the company. The transaction was signed off by John Thickens, Senior Vice President of Northern Trust (NASDAQ:NTRS) Company on behalf of the reporting entities.
Investors and market watchers often monitor insider transactions as they may provide insights into the company's financial health and future performance. Zurn Elkay Water Solutions Corp, which specializes in water solutions and industrial machinery, has not issued any official statement regarding the transaction or its implications for the company’s outlook.
InvestingPro Insights
Zurn Elkay Water Solutions Corp (NYSE:ZWS) has been the subject of investor attention following a notable insider transaction. To provide further context on the company's financial health and potential future performance, here are some key metrics and insights from InvestingPro. With a Market Cap of approximately $5.53 billion USD and a P/E Ratio of 49.27, Zurn Elkay appears to be trading at a high earnings multiple. However, when adjusted for the last twelve months as of Q1 2024, the P/E Ratio shows a more attractive figure at 39.96.
InvestingPro Tips suggest that Zurn Elkay has a perfect Piotroski Score of 9, which could signal strong financial health and potentially lower investment risk. Moreover, the company is expected to see net income growth this year, which may be of interest to investors looking for companies with positive earnings prospects. For those considering investing, Zurn Elkay is currently trading at a low P/E ratio relative to near-term earnings growth, indicating it may be undervalued based on this growth expectation.
Revenue growth remains modest with an 8.34% increase over the last twelve months as of Q1 2024, and the company has achieved a substantial gross profit margin of 43.69%. Additionally, Zurn Elkay has demonstrated a strong return over the last year with a 54.63% price total return, underlining the company's recent market performance.
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