Multiple Tailwinds Pushed Advanced Drainage Systems (WMS) Stock in Q3

Chartwell Investment Partners, an affiliate of Carillon Tower Advisers, an investment management company, released its “Carillon Chartwell Small Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund slightly underperformed relative to its benchmark Russell 2000 Growth Index. The letter noted that although there is a positive momentum in the US market, still there are many challenges that slow growth. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers highlighted stocks like Advanced Drainage Systems, Inc. (NYSE:WMS) in its Q3 2022 investor letter. Headquartered in Hilliard, Ohio, Advanced Drainage Systems, Inc. (NYSE:WMS) is a manufacturer of thermoplastic pipes. On December 12, 2022, Advanced Drainage Systems, Inc. (NYSE:WMS) stock closed at $88.31 per share. One-month return of Advanced Drainage Systems, Inc. (NYSE:WMS) was -0.75% and its shares lost 31.79% of their value over the last 52 weeks. Advanced Drainage Systems, Inc. (NYSE:WMS)  has a market capitalization of $7.317 billion.

Carillon Tower Advisers made the following comment about Advanced Drainage Systems, Inc. (NYSE:WMS) in its Q3 2022 investor letter:

“Advanced Drainage Systems, Inc. (NYSE:WMS) rose during Q3, as the company’s water drainage systems are in high demand. While residential construction activity is plummeting due to higher rates, non-residential construction activity is less immune to higher rates. The company produces thermoplastic corrugated pipe that is lower cost and more effective than traditional concrete drainage systems. As it relates to margins going forward, many input costs for the company’s drainage systems peaked earlier this year, so the price-cost shift should move in the company’s favor going forward.”

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Advanced Drainage Systems, Inc. (NYSE:WMS)  is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Advanced Drainage Systems, Inc. (NYSE:WMS) at the end of the third quarter, which was 27 in the previous quarter.

We discussed Advanced Drainage Systems, Inc. (NYSE:WMS)  in another article and shared the list best home builder stocks. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.