The Manufacturers Life Insurance Company cut its holdings in Advanced Drainage Systems, Inc. (NYSE:WMS - Free Report) by 18.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,780 shares of the construction company's stock after selling 10,554 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Advanced Drainage Systems worth $7,195,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC raised its position in Advanced Drainage Systems by 136.2% during the second quarter. Millennium Management LLC now owns 312,393 shares of the construction company's stock valued at $50,105,000 after purchasing an additional 180,154 shares during the period. Lazard Freres Gestion S.A.S. purchased a new stake in Advanced Drainage Systems during the 2nd quarter valued at $28,870,000. Point72 Asset Management L.P. bought a new stake in Advanced Drainage Systems in the second quarter worth $21,657,000. abrdn plc increased its position in Advanced Drainage Systems by 28.5% during the third quarter. abrdn plc now owns 579,485 shares of the construction company's stock valued at $91,683,000 after acquiring an additional 128,539 shares during the last quarter. Finally, Fernbridge Capital Management LP purchased a new stake in shares of Advanced Drainage Systems in the second quarter valued at $19,530,000. Institutional investors own 89.83% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on WMS shares. Barclays dropped their price target on shares of Advanced Drainage Systems from $194.00 to $172.00 and set an "overweight" rating for the company in a research note on Monday, November 11th. Oppenheimer reduced their price target on Advanced Drainage Systems from $192.00 to $184.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. Loop Capital cut their price objective on Advanced Drainage Systems from $180.00 to $170.00 and set a "buy" rating on the stock in a research report on Monday, November 11th. Robert W. Baird cut their price target on shares of Advanced Drainage Systems from $174.00 to $161.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. Finally, KeyCorp lowered their price objective on shares of Advanced Drainage Systems from $195.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Advanced Drainage Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $170.29.
View Our Latest Analysis on WMS
Advanced Drainage Systems Stock Down 2.5 %
Shares of NYSE:WMS traded down $3.25 during trading hours on Thursday, hitting $128.75. The company's stock had a trading volume of 988,370 shares, compared to its average volume of 511,867. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.19 and a quick ratio of 2.15. The firm's fifty day moving average price is $146.03 and its 200 day moving average price is $155.38. Advanced Drainage Systems, Inc. has a 52 week low of $122.61 and a 52 week high of $184.27. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 1.22 and a beta of 1.48.
Advanced Drainage Systems (NYSE:WMS - Get Free Report) last posted its earnings results on Friday, November 8th. The construction company reported $1.70 earnings per share for the quarter, missing analysts' consensus estimates of $1.93 by ($0.23). Advanced Drainage Systems had a return on equity of 40.31% and a net margin of 16.89%. The company had revenue of $782.60 million for the quarter, compared to analysts' expectations of $819.41 million. During the same quarter in the prior year, the company earned $1.71 EPS. The firm's quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Advanced Drainage Systems, Inc. will post 6.5 EPS for the current year.
Advanced Drainage Systems Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Monday, December 2nd. Advanced Drainage Systems's dividend payout ratio is currently 10.19%.
Advanced Drainage Systems Company Profile
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Free Report)
Advanced Drainage Systems, Inc designs, manufactures, and markets thermoplastic corrugated pipes and related water management products in North America and internationally. The company operates through Pipe, International, Infiltrator, and Allied Products & Other segments. It offers single, double, and triple wall corrugated polypropylene and polyethylene pipes; plastic leachfield chambers and systems; EZflow synthetic aggregate bundles; wastewater purification through mechanical aeration wastewater for residential and commercial systems; septic tanks and accessories; combined treatment and dispersal systems, including advanced enviro-septic and advanced treatment leachfield systems; and allied products, including storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water quality filters and separators.
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