Dycom Industries (NYSE:DY) Shares Gap Up After Strong Earnings

Dycom Industries, Inc. (NYSE:DYGet Free Report) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $154.40, but opened at $168.30. Dycom Industries shares last traded at $169.42, with a volume of 47,716 shares traded.

The construction company reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.73. Dycom Industries had a return on equity of 22.15% and a net margin of 5.38%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company earned $1.73 earnings per share. Dycom Industries’s revenue was up 9.3% on a year-over-year basis.

Analyst Ratings Changes

Several research firms have recently commented on DY. Craig Hallum raised their price objective on Dycom Industries from $145.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday. Raymond James increased their target price on Dycom Industries from $143.00 to $195.00 and gave the stock a “strong-buy” rating in a research report on Thursday. StockNews.com upgraded Dycom Industries from a “hold” rating to a “buy” rating in a research report on Thursday. B. Riley upgraded Dycom Industries from a “neutral” rating to a “buy” rating and increased their target price for the stock from $101.00 to $172.00 in a research report on Friday, March 8th. Finally, Wells Fargo & Company increased their target price on Dycom Industries from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $175.86.

View Our Latest Stock Report on DY

Insider Activity

In other news, VP Jason T. Lawson sold 220 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $140.27, for a total value of $30,859.40. Following the completion of the sale, the vice president now directly owns 7,793 shares of the company’s stock, valued at approximately $1,093,124.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Dycom Industries during the 1st quarter valued at $28,000. Headlands Technologies LLC bought a new stake in Dycom Industries during the 1st quarter valued at $72,000. Quadrant Capital Group LLC increased its holdings in shares of Dycom Industries by 26.4% in the 4th quarter. Quadrant Capital Group LLC now owns 770 shares of the construction company’s stock valued at $89,000 after acquiring an additional 161 shares during the period. Principal Securities Inc. purchased a new position in shares of Dycom Industries in the 4th quarter valued at $142,000. Finally, Strs Ohio increased its holdings in shares of Dycom Industries by 50.0% in the 4th quarter. Strs Ohio now owns 1,500 shares of the construction company’s stock valued at $172,000 after acquiring an additional 500 shares during the period. 98.33% of the stock is owned by institutional investors.

Dycom Industries Price Performance

The stock has a fifty day moving average price of $143.72 and a 200-day moving average price of $122.96. The firm has a market capitalization of $5.16 billion, a PE ratio of 22.84, a P/E/G ratio of 2.18 and a beta of 1.37. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.85 and a current ratio of 3.17.

Dycom Industries Company Profile

(Get Free Report)

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.

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