Advanced Drainage Systems (NYSE:WMS) Announces Earnings Results

Advanced Drainage Systems (NYSE:WMSGet Rating) posted its earnings results on Thursday. The construction company reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $1.22, Briefing.com reports. Advanced Drainage Systems had a net margin of 9.75% and a return on equity of 37.32%. The company had revenue of $914.20 million for the quarter, compared to analysts’ expectations of $849.39 million. During the same quarter in the prior year, the company posted $0.87 earnings per share. Advanced Drainage Systems’s revenue for the quarter was up 36.6% compared to the same quarter last year. Advanced Drainage Systems updated its FY 2023 guidance to EPS.

Advanced Drainage Systems Stock Up 2.2 %

NYSE:WMS traded up $2.96 during mid-day trading on Friday, hitting $139.78. The stock had a trading volume of 1,553,134 shares, compared to its average volume of 515,480. The stock has a 50-day simple moving average of $100.96 and a two-hundred day simple moving average of $108.35. The company has a market capitalization of $11.87 billion, a PE ratio of 44.37 and a beta of 1.51. Advanced Drainage Systems has a twelve month low of $80.81 and a twelve month high of $139.88. The company has a current ratio of 2.23, a quick ratio of 0.97 and a debt-to-equity ratio of 1.01.

Advanced Drainage Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.48 annualized dividend and a yield of 0.34%. Advanced Drainage Systems’s dividend payout ratio (DPR) is 15.24%.

Insider Activity at Advanced Drainage Systems

In related news, EVP Darin S. Harvey sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $112.55, for a total value of $2,251,000.00. Following the sale, the executive vice president now owns 4,600 shares of the company’s stock, valued at $517,730. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Advanced Drainage Systems news, CAO Kevin C. Talley sold 26,500 shares of the stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $90.54, for a total value of $2,399,310.00. Following the transaction, the chief accounting officer now directly owns 62,025 shares in the company, valued at $5,615,743.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Darin S. Harvey sold 20,000 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $112.55, for a total transaction of $2,251,000.00. Following the completion of the transaction, the executive vice president now owns 4,600 shares in the company, valued at $517,730. The disclosure for this sale can be found here. Insiders have sold a total of 355,426 shares of company stock valued at $38,979,477 over the last 90 days. 9.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Advanced Drainage Systems

Several hedge funds have recently added to or reduced their stakes in WMS. Vanguard Group Inc. increased its stake in Advanced Drainage Systems by 11.1% in the first quarter. Vanguard Group Inc. now owns 5,287,218 shares of the construction company’s stock valued at $628,174,000 after purchasing an additional 526,175 shares during the last quarter. Capital International Investors grew its position in shares of Advanced Drainage Systems by 73.8% during the first quarter. Capital International Investors now owns 561,578 shares of the construction company’s stock worth $66,721,000 after acquiring an additional 238,522 shares during the last quarter. Eaton Vance Management grew its position in shares of Advanced Drainage Systems by 486.8% during the first quarter. Eaton Vance Management now owns 81,658 shares of the construction company’s stock worth $9,702,000 after acquiring an additional 67,743 shares during the last quarter. State Street Corp grew its position in shares of Advanced Drainage Systems by 4.3% during the first quarter. State Street Corp now owns 880,562 shares of the construction company’s stock worth $104,620,000 after acquiring an additional 36,660 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Advanced Drainage Systems during the first quarter worth approximately $2,919,000. 98.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. TheStreet cut shares of Advanced Drainage Systems from a “b” rating to a “c+” rating in a research report on Thursday, May 19th. Morgan Stanley reduced their price target on shares of Advanced Drainage Systems from $142.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 28th. Robert W. Baird increased their price target on shares of Advanced Drainage Systems from $119.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays increased their price target on shares of Advanced Drainage Systems from $135.00 to $164.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Loop Capital reduced their price target on shares of Advanced Drainage Systems from $158.00 to $124.00 and set a “buy” rating on the stock in a research report on Friday, July 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.50.

Advanced Drainage Systems Company Profile

(Get Rating)

Advanced Drainage Systems, Inc designs, manufactures, and markets thermoplastic corrugated pipes and related water management products, and drainage solutions for use in the underground construction and infrastructure marketplace in the United States, Canada, Mexico, and internationally. The company operates through Pipe, International, Infiltrator, and Allied Products & Other segments.

Recommended Stories

Earnings History for Advanced Drainage Systems (NYSE:WMS)

Receive News & Ratings for Advanced Drainage Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advanced Drainage Systems and related companies with MarketBeat.com's FREE daily email newsletter.