JPMorgan Chase & Co. Begins Coverage on Dycom Industries (NYSE:DY)

Research analysts at JPMorgan Chase & Co. assumed coverage on shares of Dycom Industries (NYSE:DY) in a report issued on Monday,Benzinga reports. The firm set an “overweight” rating and a $200.00 price target on the construction company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 29.08% from the stock’s current price.

Several other research firms have also weighed in on DY. Raymond James raised their price objective on shares of 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 decreased their price target on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. B. Riley cut their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company decreased their target price on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Dycom Industries has an average rating of “Buy” and an average target price of $200.22.

Dycom Industries Trading Up 1.7 %

Shares of Dycom Industries stock opened at $154.94 on Monday. The business has a fifty day simple moving average of $157.51 and a 200-day simple moving average of $175.46. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $207.20. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.

Dycom Industries declared that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DY. HighTower Advisors LLC grew its stake in shares of Dycom Industries by 4.5% in the 3rd quarter. HighTower Advisors LLC now owns 1,858 shares of the construction company’s stock valued at $366,000 after buying an additional 80 shares in the last quarter. Barclays PLC lifted its stake in Dycom Industries by 279.0% in the third quarter. Barclays PLC now owns 57,923 shares of the construction company’s stock valued at $11,419,000 after acquiring an additional 42,641 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in Dycom Industries in the third quarter valued at approximately $41,000. SOA Wealth Advisors LLC. bought a new stake in Dycom Industries in the third quarter worth approximately $39,000. Finally, Anchor Investment Management LLC raised its holdings in shares of Dycom Industries by 37.6% during the 3rd 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 in the last quarter. Hedge funds and other 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.