Advanced Drainage Systems (NYSE:WMS) Releases Earnings Results, Beats Expectations By $1.22 EPS

Advanced Drainage Systems (NYSE:WMSGet Rating) released its earnings results on Thursday. The construction company reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $1.22, Briefing.com reports. The business had revenue of $914.20 million for the quarter, compared to the consensus estimate of $849.39 million. Advanced Drainage Systems had a return on equity of 50.97% and a net margin of 12.65%. Advanced Drainage Systems’s quarterly revenue was up 36.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. Advanced Drainage Systems updated its FY 2023 guidance to EPS.

Advanced Drainage Systems Trading Up 2.2 %

Shares of NYSE:WMS opened at $139.78 on Friday. The company has a quick ratio of 0.97, a current ratio of 2.23 and a debt-to-equity ratio of 1.01. The stock has a market cap of $11.87 billion, a PE ratio of 31.06 and a beta of 1.51. The business has a 50 day moving average of $100.96 and a 200-day moving average of $108.35. Advanced Drainage Systems has a 12-month low of $80.81 and a 12-month high of $139.88.

Advanced Drainage Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Wednesday, August 31st. Advanced Drainage Systems’s dividend payout ratio is presently 10.67%.

Analyst Upgrades and Downgrades

WMS has been the topic of a number of recent research reports. Loop Capital lowered their target price on 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. Robert W. Baird boosted their price target on Advanced Drainage Systems from $119.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays boosted their price target on Advanced Drainage Systems from $135.00 to $164.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley lowered their price target on 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. Finally, TheStreet downgraded Advanced Drainage Systems from a “b” rating to a “c+” rating in a research report on Thursday, May 19th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Advanced Drainage Systems has a consensus rating of “Moderate Buy” and an average target price of $144.50.

Insider Activity at Advanced Drainage Systems

In related news, Director Anil Seetharam sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $112.45, for a total value of $22,490,000.00. Following the completion of the sale, the director now directly owns 6,167,265 shares in the company, valued at $693,508,949.25. The sale was disclosed in a filing with the SEC, which is available at this link. In other Advanced Drainage Systems news, Director Anil Seetharam sold 200,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $112.45, for a total transaction of $22,490,000.00. Following the completion of the sale, the director now directly owns 6,167,265 shares in the company, valued at $693,508,949.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Darin S. Harvey sold 20,000 shares of the company’s stock in a transaction on Monday, June 6th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 355,426 shares of company stock worth $38,979,477. Company insiders own 9.33% of the company’s stock.

Institutional Investors Weigh In On Advanced Drainage Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC increased its holdings in shares of Advanced Drainage Systems by 98.2% during the first quarter. Lazard Asset Management LLC now owns 1,132 shares of the construction company’s stock worth $134,000 after buying an additional 561 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Advanced Drainage Systems during the first quarter worth $254,000. Prudential Financial Inc. increased its holdings in shares of Advanced Drainage Systems by 9.9% during the first quarter. Prudential Financial Inc. now owns 2,156 shares of the construction company’s stock worth $256,000 after buying an additional 194 shares in the last quarter. Cresset Asset Management LLC acquired a new position in shares of Advanced Drainage Systems during the first quarter worth $277,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Advanced Drainage Systems during the first quarter worth $279,000. 98.10% of the stock is currently owned by institutional investors.

About Advanced Drainage Systems

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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.

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Earnings History for Advanced Drainage Systems (NYSE:WMS)

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