Kornitzer Capital Management Inc. KS Decreases Stock Holdings in Advanced Drainage Systems, Inc. $WMS

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Advanced Drainage Systems, Inc. (NYSE:WMS) by 29.9% during the third quarter, HoldingsChannel reports. The firm owned 94,480 shares of the construction company’s stock after selling 40,385 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Advanced Drainage Systems were worth $13,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Advanced Drainage Systems in the second quarter worth about $90,989,000. Squarepoint Ops LLC raised its stake in shares of Advanced Drainage Systems by 1,209.7% in the second quarter. Squarepoint Ops LLC now owns 260,607 shares of the construction company’s stock worth $29,933,000 after purchasing an additional 240,709 shares during the last quarter. PGGM Investments increased its stake in Advanced Drainage Systems by 88.8% in the 2nd quarter. PGGM Investments now owns 388,484 shares of the construction company’s stock worth $44,621,000 after buying an additional 182,665 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Advanced Drainage Systems by 327.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 235,000 shares of the construction company’s stock valued at $26,992,000 after purchasing an additional 180,000 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Advanced Drainage Systems by 363.7% in the 2nd quarter. Sei Investments Co. now owns 187,270 shares of the construction company’s stock valued at $21,509,000 after buying an additional 146,884 shares during the period. Institutional investors own 89.83% of the company’s stock.

Advanced Drainage Systems Trading Up 0.2%

Shares of 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 stock has a market cap of $11.93 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 1.99 and a beta of 1.33. The company’s 50-day moving average price is $150.70 and its 200-day moving average price is $141.33. The company has a current ratio of 3.48, a quick ratio of 2.60 and a debt-to-equity ratio of 0.75.

Advanced Drainage Systems (NYSE:WMS) last posted its earnings results on Thursday, November 6th. The construction company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.27. Advanced Drainage Systems had a return on equity of 28.85% and a net margin of 15.35%.The company had revenue of $850.38 million during the quarter, compared to analysts’ expectations of $802.49 million. During the same quarter last year, the firm earned $1.70 earnings per share. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts predict that Advanced Drainage Systems, Inc. will post 6.1 earnings per share for the current year.

Advanced Drainage Systems Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer upped their price target on Advanced Drainage Systems from $175.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. KeyCorp boosted their price target on Advanced Drainage Systems from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday. Barclays raised their target price on Advanced Drainage Systems from $181.00 to $187.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $176.00 price target on shares of Advanced Drainage Systems in a report on Thursday, January 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Advanced Drainage Systems in a report on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $165.33.

Insider Activity at Advanced Drainage Systems

In related news, insider D. Scott Barbour sold 80,030 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $148.95, for a total transaction of $11,920,468.50. Following the completion of the transaction, the insider owned 42,867 shares of the company’s stock, valued at approximately $6,385,039.65. This trade represents a 65.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert M. Eversole sold 10,569 shares of Advanced Drainage Systems stock in a transaction that occurred 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 sale, the director owned 50,076 shares of the company’s stock, valued at $7,652,614.32. This trade represents a 17.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,772 shares of company stock valued at $14,605,539 over the last 90 days. Insiders own 1.63% of the company’s stock.

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.