Invesco Ltd. Purchases 48,041 Shares of Dycom Industries, Inc. (NYSE:DY)

Invesco Ltd. raised its position in shares of Dycom Industries, Inc. (NYSE:DY) by 18.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 305,320 shares of the construction company’s stock after acquiring an additional 48,041 shares during the period. Invesco Ltd. owned approximately 1.05% of Dycom Industries worth $53,144,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SOA Wealth Advisors LLC. bought a new position in shares of Dycom Industries during the 3rd quarter worth about $39,000. Westside Investment Management Inc. bought a new position in Dycom Industries during the third quarter valued at about $41,000. Anchor Investment Management LLC raised its holdings in Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after acquiring an additional 73 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of Dycom Industries by 107.0% during the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock worth $67,000 after purchasing an additional 200 shares in the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

Dycom Industries Stock Performance

Shares of DY opened at $152.25 on Wednesday. The firm has a market cap of $4.41 billion, a P/E ratio of 20.03, a PEG ratio of 1.29 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. Dycom Industries, Inc. has a twelve month low of $131.37 and a twelve month high of $207.20. The firm’s 50 day moving average price is $160.15 and its two-hundred day moving average price is $176.37.

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

Analyst Upgrades and Downgrades

DY has been the subject of a number of recent research reports. Wells Fargo & Company cut their target price on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. B. Riley dropped their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, March 19th. Raymond James lifted their target price on shares of 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, KeyCorp cut their price target on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Dycom Industries has a consensus rating of “Buy” and a consensus price target of $202.50.

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.