Bank of America Corp DE Sells 17,795 Shares of Advanced Drainage Systems, Inc. $WMS

Key Points

• Bank of America reduced its Advanced Drainage Systems position by 3.9%, selling 17,795 shares and retaining 439,577 shares valued at approximately $60.3 million. Institutional investors collectively own 89.83% of WMS.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $188.38.
• Advanced Drainage Systems reported quarterly EPS of $2.49, beating estimates by $0.39, while revenue rose 20.6% year over year to $1 billion. The company also declared a quarterly dividend of $0.20 per share, representing a 0.6% annualized yield.

Bank of America Corp DE decreased its position in Advanced Drainage Systems, Inc. (NYSE:WMS - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 439,577 shares of the construction company's stock after selling 17,795 shares during the period. Bank of America Corp DE owned approximately 0.56% of Advanced Drainage Systems worth $60,279,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Oddo BHF Asset Management Sas bought a new position in shares of Advanced Drainage Systems in the 1st quarter worth about $566,000. Amundi boosted its position in shares of Advanced Drainage Systems by 0.7% during the 1st quarter. Amundi now owns 1,288,672 shares of the construction company's stock valued at $176,734,000 after purchasing an additional 9,096 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Advanced Drainage Systems by 128.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 466 shares of the construction company's stock valued at $64,000 after purchasing an additional 262 shares in the last quarter. California State Teachers Retirement System grew its stake in Advanced Drainage Systems by 25.4% during the first quarter. California State Teachers Retirement System now owns 86,740 shares of the construction company's stock worth $11,895,000 after purchasing an additional 17,546 shares during the period. Finally, Royal Bank of Canada grew its stake in Advanced Drainage Systems by 12.9% during the first quarter. Royal Bank of Canada now owns 154,436 shares of the construction company's stock worth $21,177,000 after purchasing an additional 17,607 shares during the period. Institutional investors own 89.83% of the company's stock.

Analyst Ratings Changes

WMS has been the topic of a number of research analyst reports. Stephens upgraded Advanced Drainage Systems from an "equal weight" rating to an "overweight" rating and cut their price target for the stock from $190.00 to $175.00 in a report on Wednesday, May 27th. Zacks Research upgraded shares of Advanced Drainage Systems from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Jefferies Financial Group assumed coverage on shares of Advanced Drainage Systems in a research report on Thursday, June 11th. They set a "buy" rating and a $175.00 target price on the stock. UBS Group increased their target price on shares of Advanced Drainage Systems from $205.00 to $207.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Advanced Drainage Systems in a research note on Friday, July 17th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Advanced Drainage Systems currently has an average rating of "Moderate Buy" and an average target price of $188.38.

Advanced Drainage Systems Stock Performance

NYSE WMS opened at $142.19 on Tuesday. The company has a fifty day simple moving average of $143.99 and a 200 day simple moving average of $147.79. Advanced Drainage Systems, Inc. has a 12-month low of $128.03 and a 12-month high of $179.32. The company has a current ratio of 2.12, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a market cap of $10.90 billion, a P/E ratio of 24.56, a PEG ratio of 1.53 and a beta of 1.27.

Advanced Drainage Systems (NYSE:WMS - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The construction company reported $2.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.10 by $0.39. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $991.39 million. Advanced Drainage Systems had a net margin of 14.00% and a return on equity of 28.28%. The business's revenue was up 20.6% on a year-over-year basis. During the same period last year, the company earned $1.95 earnings per share. Sell-side analysts predict that Advanced Drainage Systems, Inc. will post 6.62 earnings per share for the current fiscal year.

Advanced Drainage Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.6%. Advanced Drainage Systems's payout ratio is 13.82%.

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.

Want to see what other hedge funds are holding WMS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Advanced Drainage Systems, Inc. (NYSE:WMS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source