Dycom Industries (NYSE:DY) Trading Down 6.4% – Here’s Why

Shares of Dycom Industries, Inc. (NYSE:DY) fell 6.4% on Wednesday . The company traded as low as $161.91 and last traded at $160.96. 641,709 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 429,960 shares. The stock had previously closed at $171.94.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of 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 upped their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. KeyCorp boosted their price objective on shares of Dycom Industries from $227.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 8th. Finally, DA Davidson reiterated a “buy” rating and set a $210.00 target price on shares of Dycom Industries in a report on Tuesday, November 19th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $208.88.

Dycom Industries Trading Down 6.0 %

The stock has a market capitalization of $4.72 billion, a P/E ratio of 21.27, a P/E/G ratio of 1.29 and a beta of 1.42. The firm’s 50 day simple moving average is $181.97 and its two-hundred day simple moving average is $184.38. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.

Dycom Industries (NYSE:DY) last announced its earnings results on Wednesday, February 26th. The construction company reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.20. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. As a group, analysts forecast that Dycom Industries, Inc. will post 7.13 earnings per share for the current fiscal year.

Insider Transactions at Dycom Industries

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DY. Public Employees Retirement System of Ohio raised its position in Dycom Industries by 105.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the construction company’s stock valued at $194,000 after purchasing an additional 572 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Dycom Industries by 22.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,741 shares of the construction company’s stock valued at $11,269,000 after acquiring an additional 11,798 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Dycom Industries by 785.7% during the fourth quarter. Squarepoint Ops LLC now owns 33,685 shares of the construction company’s stock worth $5,863,000 after purchasing an additional 29,882 shares during the period. Tidal Investments LLC lifted its holdings in shares of Dycom Industries by 17.2% in the 4th quarter. Tidal Investments LLC now owns 15,125 shares of the construction company’s stock valued at $2,633,000 after buying an additional 2,219 shares during the period. Finally, State of Wyoming increased its position in shares of Dycom Industries by 10.0% in the fourth quarter. State of Wyoming now owns 15,974 shares of the construction company’s stock valued at $2,780,000 after buying an additional 1,454 shares in the last quarter. 98.33% of the stock is 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.