Advanced Drainage Systems (NYSE:WMS) Shares Gap Up After Dividend Announcement

Advanced Drainage Systems, Inc. (NYSE:WMS)’s stock price gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $116.01, but opened at $122.12. Advanced Drainage Systems shares last traded at $113.84, with a volume of 49,014 shares traded.

The newly announced dividend which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.55%. Advanced Drainage Systems’s dividend payout ratio is presently 10.19%.

Analyst Upgrades and Downgrades

WMS has been the subject of several research analyst reports. Barclays dropped their price objective on shares of Advanced Drainage Systems from $172.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. UBS Group raised Advanced Drainage Systems from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research note on Wednesday, January 8th. Oppenheimer lowered their price objective on Advanced Drainage Systems from $192.00 to $184.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Loop Capital cut their target price on shares of 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. Finally, Stephens reiterated an “equal weight” rating and set a $135.00 price target (down previously from $170.00) on shares of Advanced Drainage Systems in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $166.88.

Advanced Drainage Systems Trading Down 0.5 %

The firm’s fifty day simple moving average is $121.95 and its 200 day simple moving average is $140.87. The stock has a market capitalization of $8.94 billion, a P/E ratio of 18.43, a price-to-earnings-growth ratio of 1.16 and a beta of 1.52. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.15 and a current ratio of 3.19.

Advanced Drainage Systems (NYSE:WMS) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.25). Advanced Drainage Systems had a net margin of 16.89% and a return on equity of 40.31%. As a group, equities research analysts forecast that Advanced Drainage Systems, Inc. will post 6.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Advanced Drainage Systems

A number of hedge funds have recently modified their holdings of the business. Creative Planning boosted its stake in shares of Advanced Drainage Systems by 9.3% in the 2nd quarter. Creative Planning now owns 4,701 shares of the construction company’s stock valued at $754,000 after purchasing an additional 401 shares during the last quarter. Truist Financial Corp lifted its holdings in Advanced Drainage Systems by 14.5% in the second quarter. Truist Financial Corp now owns 2,095 shares of the construction company’s stock valued at $336,000 after buying an additional 266 shares during the period. Cetera Investment Advisers boosted its position in Advanced Drainage Systems by 4.8% during the second quarter. Cetera Investment Advisers now owns 15,945 shares of the construction company’s stock valued at $2,558,000 after acquiring an additional 729 shares during the last quarter. CWM LLC grew its holdings in Advanced Drainage Systems by 18.1% during the 3rd quarter. CWM LLC now owns 555 shares of the construction company’s stock worth $87,000 after acquiring an additional 85 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Advanced Drainage Systems by 20.5% in the 3rd quarter. UMB Bank n.a. now owns 693 shares of the construction company’s stock worth $109,000 after acquiring an additional 118 shares in the last quarter. Institutional investors and hedge funds own 89.83% of the company’s stock.

About Advanced Drainage Systems

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.