Dycom Industries (NYSE:DY) Trading Up 3.6% Following Better-Than-Expected Earnings

Dycom Industries, Inc. (NYSE:DYGet Free Report) rose 3.6% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $175.31 and last traded at $173.11. Approximately 105,035 shares traded hands during trading, a decline of 58% from the average daily volume of 248,685 shares. The stock had previously closed at $167.14.

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 net margin of 5.24% and a return on equity of 22.06%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm earned $1.73 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Raymond James upped their price target on Dycom Industries from $143.00 to $195.00 and gave the company a “strong-buy” rating in a report on Thursday. Wells Fargo & Company raised their price target on shares of Dycom Industries from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Monday. B. Riley raised shares of Dycom Industries from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $101.00 to $172.00 in a report on Friday, March 8th. UBS Group increased their price objective on shares of Dycom Industries from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Finally, KeyCorp lifted their target price on shares of Dycom Industries from $169.00 to $179.00 and gave the stock an “overweight” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Dycom Industries currently has a consensus rating of “Buy” and a consensus target price of $175.86.

Get Our Latest Stock Analysis on Dycom Industries

Insider Buying and Selling at Dycom Industries

In other Dycom Industries news, VP Jason T. Lawson sold 220 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $140.27, for a total value of $30,859.40. Following the completion of the transaction, the vice president now owns 7,793 shares of the company’s stock, valued at $1,093,124.11. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dycom Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in DY. Allspring Global Investments Holdings LLC purchased a new stake in shares of Dycom Industries during the first quarter worth about $28,000. Headlands Technologies LLC purchased a new stake in Dycom Industries during the 1st quarter worth approximately $72,000. Quadrant Capital Group LLC raised its holdings in shares of Dycom Industries by 26.4% during the fourth 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 last quarter. Principal Securities Inc. purchased a new position in shares of Dycom Industries in the fourth quarter valued at approximately $142,000. Finally, Strs Ohio boosted its stake in shares of Dycom Industries by 50.0% in the fourth quarter. Strs Ohio now owns 1,500 shares of the construction company’s stock worth $172,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 98.33% of the company’s stock.

Dycom Industries Trading Up 6.0 %

The company has a 50 day moving average of $143.72 and a 200 day moving average of $122.96. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.85 and a current ratio of 3.06. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 24.05, a P/E/G ratio of 2.02 and a beta of 1.37.

About Dycom Industries

(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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