Dycom Industries (NYSE:DY) Stock Rating Upgraded by B. Riley

Dycom Industries (NYSE:DY) was upgraded by equities research analysts at B. Riley to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other analysts have also recently commented on the company. KeyCorp reduced their price target on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. 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. Finally, Raymond James lifted their price target 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. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Stock Performance

Shares of NYSE DY opened at $158.32 on Tuesday. 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’s 50-day moving average price is $174.67 and its 200-day moving average price is $181.12. Dycom Industries has a 52-week low of $133.00 and a 52-week high of $207.20. The company has a market cap of $4.59 billion, a PE ratio of 20.83, a PEG ratio of 1.29 and a beta of 1.34.

Dycom Industries declared that its board has approved a stock buyback plan on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the sale, the director now owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This represents 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. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp boosted its position in Dycom Industries by 46.5% in the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock valued at $3,988,000 after buying an additional 6,418 shares during the period. Nordea Investment Management AB bought a new position in Dycom Industries in the fourth quarter worth approximately $1,171,000. JPMorgan Chase & Co. increased its holdings 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 purchasing an additional 31,864 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Dycom Industries by 19.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock worth $7,472,000 after buying an additional 6,128 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Dycom Industries by 4.3% during the third quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock valued at $131,278,000 after buying an additional 27,370 shares during the period. 98.33% of the stock is currently owned by institutional investors.

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.