Dycom Industries, Inc. (NYSE:DY) Sees Large Decline in Short Interest

Dycom Industries, Inc. (NYSE:DY) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 1,600,000 shares, a decrease of 5.3% from the May 15th total of 1,690,000 shares. Currently, 5.7% of the shares of the company are short sold. Based on an average daily volume of 257,800 shares, the days-to-cover ratio is presently 6.2 days.

Analysts Set New Price Targets

DY has been the subject of several analyst reports. Bank of America increased their target price on shares of Dycom Industries from $160.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. UBS Group increased their price objective on shares of Dycom Industries from $175.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. B. Riley increased their price objective on shares of Dycom Industries from $172.00 to $205.00 and gave the company a “buy” rating in a report on Friday, May 31st. StockNews.com lowered shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Friday, May 31st. Finally, KeyCorp increased their price objective on shares of Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $191.71.

Insider Activity

In other news, VP Jason T. Lawson sold 220 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $140.27, for a total transaction of $30,859.40. Following the completion of the sale, the vice president now owns 7,793 shares of the company’s stock, valued at approximately $1,093,124.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Peconic Partners LLC lifted its position in Dycom Industries by 0.7% in the fourth quarter. Peconic Partners LLC now owns 3,265,682 shares of the construction company’s stock worth $375,847,000 after buying an additional 21,635 shares during the last quarter. Vanguard Group Inc. lifted its position in Dycom Industries by 0.4% in the first quarter. Vanguard Group Inc. now owns 3,196,041 shares of the construction company’s stock worth $458,728,000 after buying an additional 12,395 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Dycom Industries by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,008,912 shares of the construction company’s stock worth $116,117,000 after buying an additional 15,389 shares during the last quarter. FMR LLC lifted its position in Dycom Industries by 3.0% in the third quarter. FMR LLC now owns 674,834 shares of the construction company’s stock worth $60,060,000 after buying an additional 19,842 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Dycom Industries by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 418,969 shares of the construction company’s stock worth $48,219,000 after buying an additional 18,063 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors.

Dycom Industries Stock Down 1.3 %

NYSE DY opened at $168.35 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.97 and a current ratio of 3.17. The company has a market capitalization of $4.90 billion, a P/E ratio of 21.69, a P/E/G ratio of 1.84 and a beta of 1.48. Dycom Industries has a one year low of $78.42 and a one year high of $186.47. The stock has a 50 day moving average price of $157.03 and a 200-day moving average price of $134.32.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, May 22nd. The construction company reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.73. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Dycom Industries had a return on equity of 22.15% and a net margin of 5.38%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 EPS. As a group, equities analysts predict that Dycom Industries will post 7.96 EPS for the current fiscal year.

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.