PNC Financial Services Group Inc. Cuts Stock Position in Dycom Industries, Inc. (NYSE:DY)

PNC Financial Services Group Inc. lessened its stake in Dycom Industries, Inc. (NYSE:DY) by 2.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,709 shares of the construction company’s stock after selling 80 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Dycom Industries were worth $472,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DY. Victory Capital Management Inc. grew its holdings in shares of Dycom Industries by 61.6% during the third quarter. Victory Capital Management Inc. now owns 13,906 shares of the construction company’s stock worth $2,741,000 after buying an additional 5,303 shares in the last quarter. KBC Group NV grew its holdings in shares of Dycom Industries by 18.0% during the third quarter. KBC Group NV now owns 872 shares of the construction company’s stock worth $172,000 after buying an additional 133 shares in the last quarter. Thompson Davis & CO. Inc. grew its holdings in shares of Dycom Industries by 3.3% during the third quarter. Thompson Davis & CO. Inc. now owns 7,505 shares of the construction company’s stock worth $1,479,000 after buying an additional 240 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Dycom Industries during the third quarter worth $269,000. Finally, Advisors Asset Management Inc. grew its holdings in shares of Dycom Industries by 19.3% during the third quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock worth $7,472,000 after buying an additional 6,128 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Insider Activity at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’s stock in a transaction dated 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 $2,544,437.64. This represents a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 4.28% of the stock is currently owned by insiders.

Dycom Industries Trading Up 1.5 %

Shares of DY opened at $158.32 on Thursday. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries, Inc. has a 12-month low of $133.00 and a 12-month high of $207.20. The firm has a 50-day moving average price of $174.67 and a 200 day moving average price of $181.12. The firm has a market capitalization of $4.59 billion, a P/E ratio of 20.83, a P/E/G ratio of 1.29 and a beta of 1.34.

Dycom Industries declared that its board has approved 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 reacquire up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. B. Riley dropped their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday. Raymond James upped their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Finally, KeyCorp dropped their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. One investment 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 MarketBeat.com, Dycom Industries currently has an average rating of “Buy” and a consensus target price of $204.38.

Dycom Industries 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.