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

Dycom Industries, Inc. (NYSE:DY) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 1,210,000 shares, an increase of 6.1% from the August 15th total of 1,140,000 shares. Based on an average daily volume of 302,100 shares, the days-to-cover ratio is presently 4.0 days. Currently, 4.3% of the shares of the company are sold short.

Insider Transactions at Dycom Industries

In other news, VP Jason T. Lawson sold 856 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $174.48, for a total value of $149,354.88. Following the completion of the transaction, the vice president now owns 6,937 shares of the company’s stock, valued at $1,210,367.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Peconic Partners LLC increased its holdings in shares of Dycom Industries by 0.7% during the 4th quarter. Peconic Partners LLC now owns 3,265,682 shares of the construction company’s stock valued at $375,847,000 after acquiring an additional 21,635 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Dycom Industries by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 3,196,041 shares of the construction company’s stock valued at $458,728,000 after acquiring an additional 12,395 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Dycom Industries by 6.3% during the 2nd quarter. Millennium Management LLC now owns 1,631,453 shares of the construction company’s stock valued at $275,324,000 after acquiring an additional 96,846 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Dycom Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,008,912 shares of the construction company’s stock valued at $116,117,000 after acquiring an additional 15,389 shares during the last quarter. Finally, Norges Bank acquired a new stake in Dycom Industries in the 4th quarter valued at approximately $33,679,000. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Stock Up 1.5 %

Shares of DY traded up $2.94 during midday trading on Thursday, reaching $192.94. 32,848 shares of the stock were exchanged, compared to its average volume of 277,253. Dycom Industries has a 12-month low of $78.42 and a 12-month high of $196.34. The firm has a 50 day simple moving average of $179.47 and a 200-day simple moving average of $163.06. The company has a quick ratio of 3.25, a current ratio of 3.44 and a debt-to-equity ratio of 0.81. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 1.96 and a beta of 1.41.

Dycom Industries (NYSE:DY) last posted its quarterly earnings results on Wednesday, August 21st. The construction company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.20. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the business earned $2.03 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. Research analysts forecast that Dycom Industries will post 8.02 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. StockNews.com cut Dycom Industries from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. B. Riley raised their target price on Dycom Industries from $205.00 to $208.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. UBS Group upped their target price on Dycom Industries from $175.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Craig Hallum upped their target price on Dycom Industries from $145.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, Raymond James upped 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 analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Dycom Industries presently has a consensus rating of “Buy” and an average target price of $199.57.

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.