Dycom Industries, Inc. (NYSE:DY) Given Average Recommendation of “Buy” by Brokerages

Shares of Dycom Industries, Inc. (NYSE:DY) have earned a consensus rating of “Buy” from the eight ratings firms that are presently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $204.38.

Several analysts have recently issued reports on DY shares. KeyCorp reduced their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Raymond James raised their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, B. Riley reduced their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday.

Insider Transactions at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dycom Industries

Several institutional investors have recently added to or reduced their stakes in DY. Legacy Investment Solutions LLC acquired a new position in shares of Dycom Industries during the third quarter worth approximately $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Dycom Industries during the third quarter worth approximately $39,000. Westside Investment Management Inc. bought a new stake in Dycom Industries during the third quarter worth $41,000. Anchor Investment Management LLC grew its holdings in Dycom Industries by 37.6% during the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock worth $53,000 after buying an additional 73 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Dycom Industries by 25.4% during the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock worth $57,000 after buying an additional 59 shares in the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

Dycom Industries Stock Performance

DY opened at $159.29 on Friday. The firm has a market cap of $4.62 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. Dycom Industries has a 52-week low of $133.00 and a 52-week high of $207.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The business’s fifty day moving average is $174.28 and its 200-day moving average is $180.97.

Dycom Industries declared that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.