Advanced Drainage Systems Inc. (WMS) Trading 1.9% Higher on Earnings Beat
Advanced Drainage Systems Inc. (NYSE:WMS)’s share price traded up 1.9% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $22.18 and last traded at $22.00, with a volume of 394,138 shares traded. The stock had previously closed at $21.58.
The company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.13. Advanced Drainage Systems had a return on equity of 120.26% and a net margin of 1.60%. The firm had revenue of $358 million for the quarter.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.11%.
A number of research firms have commented on WMS. Zacks Investment Research downgraded Advanced Drainage Systems from a “hold” rating to a “strong sell” rating in a research report on Friday, June 10th. Royal Bank Of Canada decreased their target price on Advanced Drainage Systems from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Boenning Scattergood downgraded Advanced Drainage Systems from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $28.33.
A number of institutional investors have recently modified their holdings of the stock. Pictet Asset Management Ltd. purchased a new position in shares of Advanced Drainage Systems during the second quarter worth about $26,888,000. Impax Asset Management LTD raised its position in shares of Advanced Drainage Systems by 76.9% in the second quarter. Impax Asset Management LTD now owns 1,062,967 shares of the company’s stock worth $29,093,000 after buying an additional 462,091 shares during the last quarter. Kalmar Investments Inc. DE purchased a new position in shares of Advanced Drainage Systems during the second quarter worth about $11,709,000. Schroder Investment Management Group purchased a new position in shares of Advanced Drainage Systems during the second quarter worth about $11,386,000. Finally, JPMorgan Chase & Co. raised its position in shares of Advanced Drainage Systems by 78.8% in the second quarter. JPMorgan Chase & Co. now owns 890,454 shares of the company’s stock worth $24,372,000 after buying an additional 392,451 shares during the last quarter. 70.62% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $1.63 billion, a PE ratio of 81.48 and a beta of 0.85. The stock’s 50-day moving average price is $23.75 and its 200 day moving average price is $24.62.
About Advanced Drainage Systems
Advanced Drainage Systems, Inc designs, manufactures and markets thermoplastic corrugated pipe and related water management products. The Company operates through two segments: Domestic and International. Its product line includes corrugated high density polyethylene (HDPE) pipe, polypropylene (PP) pipe and related water management products.
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