B. Riley Cuts Dycom Industries (NYSE:DY) Price Target to $200.00

Dycom Industries (NYSE:DY) had its price objective lowered by B. Riley from $234.00 to $200.00 in a report released on Wednesday morning,Benzinga reports. B. Riley currently has a buy rating on the construction company’s stock.

Several other research firms have also recently commented on DY. KeyCorp lowered their target price on shares of 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 restated a “buy” rating and set a $210.00 price objective on shares of Dycom Industries in a report on Tuesday, November 19th. Finally, Raymond James upped their target price 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. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Dycom Industries currently has a consensus rating of “Buy” and an average price target of $204.38.

Dycom Industries Price Performance

NYSE:DY opened at $156.21 on Wednesday. Dycom Industries has a 12-month low of $133.00 and a 12-month high of $207.20. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. The company’s 50-day moving average is $173.88 and its two-hundred day moving average is $180.83. 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 announced that its Board of Directors has approved a stock buyback program on Wednesday, February 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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 shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the sale, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company 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 made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new position in Dycom Industries during the 3rd quarter worth approximately $28,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Dycom Industries during the third quarter valued at approximately $39,000. Westside Investment Management Inc. acquired a new position in shares of Dycom Industries during the third quarter worth $41,000. Anchor Investment Management LLC boosted its stake in shares of Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after purchasing an additional 73 shares during the period. Finally, First Horizon Advisors Inc. grew its holdings in Dycom Industries by 25.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock valued at $57,000 after purchasing an additional 59 shares in the last quarter. Institutional investors and hedge funds 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.