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

Dycom Industries, Inc. (NYSE:DY) has earned a consensus rating of “Buy” from the nine ratings firms that are presently covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $200.22.

DY has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on Dycom Industries in a report on Monday, April 21st. They set an “overweight” rating and a $200.00 target price for the company. KeyCorp decreased their price target on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. B. Riley decreased their price target on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Raymond James upped their price target on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Finally, Wells Fargo & Company decreased their price target on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd.

Hedge Funds Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently made changes to their positions in DY. Corient Private Wealth LLC increased its position in Dycom Industries by 0.8% in the fourth 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 increased its position in Dycom Industries by 11.1% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock worth $98,000 after buying an additional 56 shares during the period. Arizona State Retirement System increased its position in Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock worth $1,470,000 after buying an additional 70 shares during the period. EverSource Wealth Advisors LLC increased its position in Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after buying an additional 71 shares during the period. Finally, Ironwood Investment Management LLC increased its position in Dycom Industries by 0.6% in the fourth quarter. Ironwood Investment Management LLC now owns 14,795 shares of the construction company’s stock worth $2,575,000 after buying an additional 89 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Trading Up 1.3%

Shares of DY stock opened at $194.54 on Friday. Dycom Industries has a twelve month low of $131.37 and a twelve month high of $207.20. The firm has a 50-day moving average price of $162.61 and a 200 day moving average price of $173.64. 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 company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 25.60, a PEG ratio of 1.29 and a beta of 1.27.

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

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.