Dycom Industries (NYSE:DY) Sees Large Volume Increase – Still a Buy?

Dycom Industries, Inc. (NYSE:DY) saw unusually-strong trading volume on Wednesday . Approximately 844,566 shares were traded during mid-day trading, an increase of 147% from the previous session’s volume of 341,490 shares.The stock last traded at $153.39 and had previously closed at $153.05.

Analysts Set New Price Targets

DY has been the subject of a number of research analyst reports. KeyCorp lowered their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. DA Davidson reaffirmed a “buy” rating and set a $210.00 price target on shares of Dycom Industries in a report on Tuesday, November 19th. Wells Fargo & Company upped their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Raymond James lifted their price target 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. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $205.38.

Dycom Industries Stock Performance

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 50-day simple moving average of $180.76 and a 200 day simple moving average of $183.41. The company has a market capitalization of $4.50 billion, a PE ratio of 20.27, a P/E/G ratio of 1.29 and a beta of 1.42.

Dycom Industries declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction of $507,732.00. Following the transaction, the director now owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now directly owns 8,873 shares of the company’s stock, valued at $1,536,005.03. The trade was a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently modified their holdings of DY. Accent Capital Management LLC acquired a new stake in Dycom Industries in the third quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in Dycom Industries in the 3rd quarter valued at approximately $28,000. SOA Wealth Advisors LLC. bought a new position in shares of Dycom Industries in the 3rd quarter worth about $39,000. Westside Investment Management Inc. acquired a new position in Dycom Industries during the 3rd quarter worth approximately $41,000. Finally, Anchor Investment Management LLC raised its position in Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after buying an additional 73 shares during the last quarter. Institutional investors 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.