Kornitzer Capital Management Inc. KS Sells 40,385 Shares of Advanced Drainage Systems, Inc. $WMS

Kornitzer Capital Management Inc. KS lessened its holdings in Advanced Drainage Systems, Inc. (NYSE:WMS) by 29.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,480 shares of the construction company’s stock after selling 40,385 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.12% of Advanced Drainage Systems worth $13,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WMS. Valeo Financial Advisors LLC lifted its position in shares of Advanced Drainage Systems by 134.8% during the second quarter. Valeo Financial Advisors LLC now owns 5,275 shares of the construction company’s stock valued at $606,000 after purchasing an additional 3,028 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of Advanced Drainage Systems during the 3rd quarter worth approximately $1,321,000. Asset Management One Co. Ltd. lifted its position in shares of Advanced Drainage Systems by 29.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 19,982 shares of the construction company’s stock worth $2,772,000 after buying an additional 4,574 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Advanced Drainage Systems by 47.5% in the 2nd quarter. Fisher Asset Management LLC now owns 40,651 shares of the construction company’s stock worth $4,669,000 after buying an additional 13,097 shares during the last quarter. Finally, Truist Financial Corp bought a new position in shares of Advanced Drainage Systems in the second quarter valued at approximately $211,000. 89.83% of the stock is owned by institutional investors.

Advanced Drainage Systems Stock Up 0.2%

WMS stock opened at $153.42 on Tuesday. Advanced Drainage Systems, Inc. has a twelve month low of $93.92 and a twelve month high of $160.85. The business has a 50 day moving average of $150.70 and a 200 day moving average of $141.33. The company has a quick ratio of 2.60, a current ratio of 3.48 and a debt-to-equity ratio of 0.75. The firm has a market cap of $11.93 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33.

Advanced Drainage Systems (NYSE:WMS) last posted its earnings results on Thursday, November 6th. The construction company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.27. The firm had revenue of $850.38 million during the quarter, compared to the consensus estimate of $802.49 million. Advanced Drainage Systems had a return on equity of 28.85% and a net margin of 15.35%.The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.70 EPS. On average, research analysts forecast that Advanced Drainage Systems, Inc. will post 6.1 EPS for the current fiscal year.

Advanced Drainage Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 0.5%. Advanced Drainage Systems’s payout ratio is presently 12.29%.

Insider Activity

In related news, EVP Thomas J. Sr. Waun sold 1,000 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $150.00, for a total value of $150,000.00. Following the sale, the executive vice president owned 14,970 shares of the company’s stock, valued at $2,245,500. This trade represents a 6.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert M. Eversole sold 10,569 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $152.82, for a total transaction of $1,615,154.58. Following the completion of the transaction, the director owned 50,076 shares in the company, valued at $7,652,614.32. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 97,772 shares of company stock valued at $14,605,539. 1.63% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

WMS has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Advanced Drainage Systems in a report on Wednesday, January 21st. KeyCorp raised their price objective on shares of Advanced Drainage Systems from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank Of Canada restated an “outperform” rating and issued a $176.00 target price on shares of Advanced Drainage Systems in a research note on Thursday, January 15th. UBS Group boosted their price objective on Advanced Drainage Systems from $183.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. Finally, Barclays lifted their target price on shares of Advanced Drainage Systems from $181.00 to $187.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $165.33.

About Advanced Drainage Systems

Advanced Drainage Systems, Inc (NYSE: WMS) is a leading manufacturer and supplier of water management solutions in North America. Headquartered in Hilliard, Ohio, the company specializes in the design, production and distribution of high-density polyethylene (HDPE) drainage pipe and related products. Its core business addresses stormwater management, on-site septic systems and erosion control for residential, commercial and infrastructure projects.

The company’s product portfolio includes corrugated plastic pipe, tubing, fittings, geocells, geogrids and stormwater structures such as inlets, manholes and detention/retention systems.