Dycom Industries (NYSE:DY) Sees Strong Trading Volume – What’s Next?

Dycom Industries, Inc. (NYSE:DY) saw unusually-strong trading volume on Wednesday . Approximately 844,566 shares were traded during trading, an increase of 147% from the previous session’s volume of 341,490 shares.The stock last traded at $153.39 and had previously closed at $153.05.

Wall Street Analyst Weigh In

DY has been the topic of several research analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. KeyCorp lowered their price target on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Raymond James lifted their target price 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. Finally, Wells Fargo & Company lifted their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $205.38.

Dycom Industries Stock Up 0.9 %

The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. The business’s fifty day simple moving average is $180.76 and its 200 day simple moving average is $183.41.

Dycom Industries declared that its board has approved a share buyback program on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now owns 8,873 shares of the company’s stock, valued at $1,536,005.03. The trade was a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dycom Industries

A number of large investors have recently made changes to their positions in the business. Corient Private Wealth LLC raised its stake in shares of Dycom Industries by 0.8% during the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after buying an additional 55 shares during the period. Wilmington Savings Fund Society FSB raised its position in shares of Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock valued at $98,000 after buying an additional 56 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Dycom Industries by 25.4% in the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock valued at $57,000 after buying an additional 59 shares in the last quarter. Arizona State Retirement System increased its stake in Dycom Industries by 0.8% during the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock worth $1,470,000 after purchasing an additional 70 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after buying an additional 71 shares during the period. 98.33% of the stock is owned by institutional investors and hedge funds.

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.