BNP Paribas Financial Markets Decreases Stock Holdings in Dycom Industries, Inc. (NYSE:DY)

BNP Paribas Financial Markets trimmed its holdings in Dycom Industries, Inc. (NYSE:DY) by 37.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,805 shares of the construction company’s stock after selling 5,954 shares during the quarter. BNP Paribas Financial Markets’ holdings in Dycom Industries were worth $1,707,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of DY. Alyeska Investment Group L.P. purchased a new position in Dycom Industries in the 4th quarter worth approximately $80,584,000. Norges Bank purchased a new position in Dycom Industries in the 4th quarter worth approximately $55,802,000. First Trust Advisors LP raised its position in shares of Dycom Industries by 142.9% during 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 during the period. JPMorgan Chase & Co. raised its position in shares of Dycom Industries by 119.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company’s stock valued at $30,734,000 after buying an additional 96,252 shares during the period. Finally, Reaves W H & Co. Inc. raised its position in shares of Dycom Industries by 232.1% during the 4th quarter. Reaves W H & Co. Inc. now owns 117,429 shares of the construction company’s stock valued at $20,440,000 after buying an additional 82,071 shares during the period. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Stock Up 1.3%

Dycom Industries stock opened at $194.54 on Friday. Dycom Industries, Inc. 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 firm has a 50 day moving average price of $162.61 and a 200 day moving average price of $173.64. The company has a market capitalization of $5.60 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27.

Dycom Industries announced that its board has authorized a stock buyback plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

DY has been the topic of several analyst reports. B. Riley reduced their price target on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. JPMorgan Chase & Co. initiated coverage on shares of Dycom Industries in a research report on Monday, April 21st. They set an “overweight” rating and a $200.00 price target on the stock. Raymond James lifted their price target 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. KeyCorp reduced their price target on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company reduced their price target on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Dycom Industries has an average rating of “Buy” and an average price target of $200.22.

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.