Dycom Industries (NYSE:DY) Reaches New 12-Month Low – What’s Next?

Shares of Dycom Industries, Inc. (NYSE:DY) reached a new 52-week low on Monday . The stock traded as low as $131.37 and last traded at $131.37, with a volume of 10006 shares traded. The stock had previously closed at $138.96.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Raymond James raised their target price on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. KeyCorp decreased their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. B. Riley lowered their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company reduced their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Dycom Industries has an average rating of “Buy” and a consensus target price of $202.50.

Dycom Industries Price Performance

The firm’s 50 day moving average price is $164.53 and its two-hundred day moving average price is $177.97. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The stock has a market cap of $4.11 billion, a PE ratio of 18.61, a P/E/G ratio of 1.29 and a beta of 1.36.

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

Insider Buying and Selling at Dycom Industries

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

Hedge Funds Weigh In On Dycom Industries

A number of large investors have recently modified their holdings of the company. Stifel Financial Corp increased its holdings in Dycom Industries by 46.5% during 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 period. Nordea Investment Management AB bought a new position in shares of Dycom Industries in the fourth quarter worth $1,171,000. JPMorgan Chase & Co. raised its position 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 buying an additional 31,864 shares in the last quarter. Principal Financial Group Inc. boosted its stake in 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. Finally, Smartleaf Asset Management LLC grew its position in Dycom Industries by 209.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company’s stock worth $68,000 after buying an additional 264 shares in the last quarter. 98.33% of the stock is currently owned by 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.