Shares of Advanced Drainage Systems Inc. (NYSE:WMS) shot up 1.9% 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 EPS 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 company earned $358 million during the quarter.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Tuesday, August 30th.
A number of brokerages have recently commented on WMS. TheStreet upgraded Advanced Drainage Systems from a “hold” rating to a “buy” rating in a research note on Thursday. Royal Bank Of Canada decreased their price objective on Advanced Drainage Systems from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Friday. Zacks Investment Research downgraded Advanced Drainage Systems from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. Finally, Boenning Scattergood downgraded Advanced Drainage Systems from an “outperform” rating to a “neutral” rating in a report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $28.33.
A number of hedge funds have recently modified their holdings of WMS. Teacher Retirement System of Texas increased its stake in shares of Advanced Drainage Systems by 32.2% in the second quarter. Teacher Retirement System of Texas now owns 5,636 shares of the company’s stock worth $154,000 after buying an additional 1,372 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Advanced Drainage Systems by 0.3% in the first quarter. Legal & General Group Plc now owns 9,099 shares of the company’s stock worth $187,000 after buying an additional 23 shares during the last quarter. Pitcairn Co. acquired a new stake in shares of Advanced Drainage Systems during the second quarter worth $224,000. Springbok Capital Management LLC acquired a new stake in shares of Advanced Drainage Systems during the first quarter worth $245,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Advanced Drainage Systems during the second quarter worth $287,000. Hedge funds and other institutional investors own 70.62% of the company’s stock.
The firm has a market capitalization of $1.64 billion, a PE ratio of 82.07 and a beta of 0.85. The firm has a 50 day moving average price of $23.67 and a 200 day moving average price of $24.62.
Advanced Drainage Systems Company Profile
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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