Oppenheimer Asset Management Inc. Sells 749 Shares of Dycom Industries, Inc. (NYSE:DY)

Oppenheimer Asset Management Inc. trimmed its stake in Dycom Industries, Inc. (NYSE:DY) by 8.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,117 shares of the construction company’s stock after selling 749 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Dycom Industries were worth $1,413,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in DY. Stifel Financial Corp raised its holdings in Dycom Industries by 46.5% in the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock worth $3,988,000 after acquiring an additional 6,418 shares during the last quarter. Nordea Investment Management AB bought a new stake in shares of Dycom Industries in the 4th quarter worth $1,171,000. JPMorgan Chase & Co. raised its stake in shares of Dycom Industries by 65.8% in the third quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock worth $15,831,000 after purchasing an additional 31,864 shares during the last quarter. Whalen Wealth Management Inc. bought a new position in shares of Dycom Industries during the third quarter valued at $773,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Dycom Industries by 19.3% during the third quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock valued at $7,472,000 after purchasing an additional 6,128 shares in the last quarter. 98.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wells Fargo & Company boosted their target price on Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Raymond James boosted their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. KeyCorp dropped their target price on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, DA Davidson reiterated a “buy” rating and set a $210.00 target price on shares of Dycom Industries in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Dycom Industries has a consensus rating of “Buy” and a consensus target price of $205.38.

Dycom Industries Stock Performance

Shares of NYSE DY opened at $160.81 on Tuesday. Dycom Industries, Inc. has a 12-month low of $126.59 and a 12-month high of $207.20. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $181.49 and a 200 day moving average of $183.91.

Dycom Industries declared that its board has authorized a share repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to buy up to 3.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the sale, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now directly owns 8,873 shares in the company, valued at $1,536,005.03. This represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.28% of the company’s stock.

Dycom Industries Profile

Dycom Industries, Inc provides specialty contracting services to the telecommunications infrastructure and utility industries in the United States. The company offers engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems; wireless networks in connection with the deployment of macro cell and new small cell sites; and program and project management and inspection personnel.