Dycom Industries, Inc. (NYSE:DY) Receives $204.38 Consensus Target Price from Analysts

Dycom Industries, Inc. (NYSE:DY) has been assigned an average rating of “Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $204.38.

A number of brokerages recently issued reports on DY. 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 report on Thursday, February 27th. B. Riley lowered their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Finally, Raymond James raised 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.

Insider Activity at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the transaction, the director now directly owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC purchased a new position in shares of Dycom Industries in the third quarter worth about $28,000. SOA Wealth Advisors LLC. purchased a new position in Dycom Industries in the 3rd quarter worth approximately $39,000. Westside Investment Management Inc. acquired a new position in shares of Dycom Industries during the 3rd quarter worth approximately $41,000. Anchor Investment Management LLC grew its position in shares of Dycom Industries by 37.6% in the third 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. Finally, First Horizon Advisors Inc. increased its holdings 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 purchasing an additional 59 shares during the last quarter. Institutional investors and hedge funds own 98.33% of the company’s stock.

Dycom Industries Trading Down 1.8 %

Dycom Industries stock opened at $156.21 on Friday. The firm has a market cap of $4.53 billion, a PE ratio of 20.55, a P/E/G ratio of 1.29 and a beta of 1.34. Dycom Industries has a 12 month low of $133.00 and a 12 month high of $207.20. The stock’s 50 day simple moving average is $173.88 and its two-hundred day simple moving average is $180.97. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89.

Dycom Industries declared that its board has authorized a stock repurchase program on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Dycom Industries Company Profile

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.