Short Interest in Dycom Industries, Inc. (NYSE:DY) Decreases By 20.0%

Dycom Industries, Inc. (NYSE:DY) was the target of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 1,280,000 shares, a decrease of 20.0% from the May 31st total of 1,600,000 shares. Based on an average trading volume of 251,400 shares, the days-to-cover ratio is presently 5.1 days. Approximately 4.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DY. Envestnet Asset Management Inc. increased its position in Dycom Industries by 32.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 34,932 shares of the construction company’s stock valued at $3,109,000 after buying an additional 8,640 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Dycom Industries by 7.3% in the 3rd quarter. Invesco Ltd. now owns 122,809 shares of the construction company’s stock worth $10,930,000 after buying an additional 8,316 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Dycom Industries by 36.1% in the 3rd quarter. Hsbc Holdings PLC now owns 13,112 shares of the construction company’s stock worth $1,172,000 after buying an additional 3,476 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Dycom Industries in the 3rd quarter worth $307,000. Finally, Stifel Financial Corp boosted its stake in shares of Dycom Industries by 21.5% in the 3rd quarter. Stifel Financial Corp now owns 18,864 shares of the construction company’s stock worth $1,679,000 after buying an additional 3,344 shares during the last quarter. Institutional investors own 98.33% of the company’s stock.

Wall Street Analyst Weigh In

DY has been the topic of several recent research reports. KeyCorp increased their price objective on Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. StockNews.com lowered Dycom Industries from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company increased their price objective on Dycom Industries from $165.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. B. Riley increased their target price on Dycom Industries from $172.00 to $205.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Raymond James increased their target price on Dycom Industries from $143.00 to $195.00 and gave the company a “strong-buy” rating in a report on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $191.71.

Dycom Industries Trading Down 0.2 %

Shares of DY stock opened at $168.50 on Tuesday. Dycom Industries has a 1-year low of $78.42 and a 1-year high of $186.47. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.17 and a quick ratio of 2.97. The business has a 50-day moving average of $162.70 and a 200 day moving average of $138.05. The stock has a market capitalization of $4.90 billion, a PE ratio of 21.71, a P/E/G ratio of 1.82 and a beta of 1.45.

Dycom Industries (NYSE:DY) last released its quarterly earnings data on Wednesday, May 22nd. The construction company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.73. Dycom Industries had a return on equity of 22.15% and a net margin of 5.38%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter last year, the business posted $1.73 EPS. The business’s revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Dycom Industries will post 7.96 earnings per share for the current 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.