Dycom Industries, Inc. (NYSE:DY) Given Consensus Recommendation of “Buy” by Analysts

Dycom Industries, Inc. (NYSE:DY) has received an average recommendation of “Buy” from the nine ratings firms that are presently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $200.22.

Several equities analysts have recently weighed in on the company. B. Riley reduced their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Wells Fargo & Company lowered their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Raymond James increased their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. KeyCorp decreased their target price on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Dycom Industries in a research report on Monday, April 21st. They issued an “overweight” rating and a $200.00 price target on the stock.

Dycom Industries Trading Down 0.3%

Shares of DY opened at $193.32 on Friday. The company has a market capitalization of $5.56 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $207.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The stock has a fifty day moving average of $160.49 and a two-hundred day moving average of $173.51.

Dycom Industries declared that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. acquired a new position in shares of Dycom Industries in the fourth quarter worth $80,584,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Dycom Industries by 851.6% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company’s stock worth $72,459,000 after purchasing an additional 425,652 shares in the last quarter. Norges Bank acquired a new stake in shares of Dycom Industries during the 4th quarter valued at about $55,802,000. Assenagon Asset Management S.A. grew its stake in shares of Dycom Industries by 327.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company’s stock valued at $60,818,000 after buying an additional 305,755 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Dycom Industries by 142.9% in the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company’s stock valued at $86,405,000 after buying an additional 292,050 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

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.