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

Dycom Industries, Inc. (NYSE:DY) has been given an average rating of “Buy” by the eight ratings firms that are covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $204.38.

A number of research analysts have recently weighed in on DY shares. Raymond James raised their price target on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. KeyCorp dropped their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Finally, B. Riley lowered their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, March 19th.

Dycom Industries Stock Performance

Shares of DY opened at $161.57 on Friday. Dycom Industries has a twelve month low of $133.00 and a twelve month high of $207.20. The firm has a market capitalization of $4.68 billion, a P/E ratio of 21.26, a PEG ratio of 1.29 and a beta of 1.34. The firm’s 50-day moving average is $173.21 and its two-hundred day moving average is $180.82. 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 authorized a stock repurchase plan on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’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 transaction of $507,732.00. Following the sale, the director now directly owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in Dycom Industries by 4.0% during the third quarter. State Street Corp now owns 1,158,585 shares of the construction company’s stock worth $228,357,000 after acquiring an additional 44,321 shares during the period. FMR LLC grew its position in Dycom Industries by 2.4% in the third quarter. FMR LLC now owns 772,666 shares of the construction company’s stock worth $152,292,000 after buying an additional 17,862 shares during the last quarter. Hill City Capital LP increased its holdings in shares of Dycom Industries by 2.3% in the third quarter. Hill City Capital LP now owns 679,784 shares of the construction company’s stock valued at $133,985,000 after buying an additional 15,000 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock valued at $131,278,000 after acquiring an additional 27,370 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Dycom Industries by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company’s stock worth $114,765,000 after acquiring an additional 8,307 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors.

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.