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

Shares of Dycom Industries, Inc. (NYSE:DY) have earned an average recommendation of “Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $204.38.

A number of equities research analysts have recently issued reports on DY shares. B. Riley dropped their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday. Raymond James upped their price objective on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, KeyCorp dropped their price objective on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th.

Dycom Industries Trading Up 0.7 %

NYSE:DY opened at $159.29 on Friday. Dycom Industries has a twelve month low of $133.00 and a twelve month high of $207.20. The company has a market cap of $4.62 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $174.28 and a two-hundred day moving average price of $180.97.

Dycom Industries announced that its board has authorized a share repurchase plan on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction 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 transaction, the director now owns 14,533 shares in the company, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Stifel Financial Corp increased its position in Dycom Industries by 46.5% during the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock worth $3,988,000 after buying an additional 6,418 shares during the period. Nordea Investment Management AB bought a new position in Dycom Industries during the 4th quarter worth $1,171,000. JPMorgan Chase & Co. grew its holdings in shares of Dycom Industries by 65.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock worth $15,831,000 after purchasing an additional 31,864 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Dycom Industries by 19.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock worth $7,472,000 after purchasing an additional 6,128 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings 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 worth $131,278,000 after purchasing an additional 27,370 shares in the last quarter. Institutional investors 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.