Dycom Industries (NYSE:DY) Rating Increased to Strong-Buy at B. Riley

B. Riley upgraded shares of Dycom Industries (NYSE:DY) to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. KeyCorp reduced their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Finally, DA Davidson reissued a “buy” rating and issued a $210.00 target price on shares of Dycom Industries in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Stock Up 1.5 %

DY stock opened at $158.32 on Tuesday. Dycom Industries has a twelve month low of $133.00 and a twelve month high of $207.20. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The firm has a market cap of $4.59 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. The business has a 50 day moving average of $174.67 and a 200 day moving average of $181.12.

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

Insider Transactions at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Dycom Industries

Several large investors have recently made changes to their positions in DY. Corient Private Wealth LLC increased its holdings in shares of Dycom Industries by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 55 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Dycom Industries by 11.1% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock valued at $98,000 after purchasing an additional 56 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Dycom Industries by 25.4% in the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock valued at $57,000 after purchasing an additional 59 shares during the period. Arizona State Retirement System boosted its holdings in shares of Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock valued at $1,470,000 after purchasing an additional 70 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after purchasing an additional 71 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Company 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.