Dycom Industries, Inc. (NYSE:DY) Receives Average Rating of “Buy” from Analysts

Shares of Dycom Industries, Inc. (NYSE:DY) have been assigned an average rating of “Buy” from the eight analysts that are presently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $204.38.

DY has been the topic of several recent analyst reports. Raymond James boosted their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, February 4th. KeyCorp lowered their price target on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, B. Riley cut their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th.

Dycom Industries Price Performance

Shares of DY opened at $154.55 on Friday. 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 company’s fifty day simple moving average is $171.84 and its 200 day simple moving average is $180.48. Dycom Industries has a 1-year low of $133.00 and a 1-year high of $207.20. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 1.29 and a beta of 1.34.

Dycom Industries declared that its board has approved a stock repurchase plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are 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 shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the sale, the director now owns 14,533 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. 4.28% of the stock is owned by corporate insiders.

Institutional Trading of Dycom Industries

Several hedge funds and other institutional investors have recently bought and sold shares of DY. Stifel Financial Corp increased its holdings in shares of Dycom Industries by 46.5% during the third quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock worth $3,988,000 after purchasing an additional 6,418 shares during the period. Nordea Investment Management AB acquired a new stake in Dycom Industries during the fourth quarter worth approximately $1,171,000. JPMorgan Chase & Co. increased its stake in Dycom Industries by 65.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock worth $15,831,000 after acquiring an additional 31,864 shares during the period. Advisors Asset Management Inc. raised its holdings in Dycom Industries by 19.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock valued at $7,472,000 after acquiring an additional 6,128 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock valued at $131,278,000 after acquiring an additional 27,370 shares during the period. Institutional investors and hedge funds own 98.33% of the company’s stock.

About Dycom Industries

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.