Dycom Industries (NYSE:DY) Hits New 52-Week High on Analyst Upgrade

Dycom Industries, Inc. (NYSE:DYGet Free Report)’s share price hit a new 52-week high on Thursday after Bank of America raised their price target on the stock from $160.00 to $198.00. Bank of America currently has a buy rating on the stock. Dycom Industries traded as high as $182.21 and last traded at $180.99, with a volume of 10868 shares changing hands. The stock had previously closed at $180.48.

DY has been the topic of several other reports. B. Riley upgraded shares of Dycom Industries from a “neutral” rating to a “buy” rating and increased their price objective for the company from $101.00 to $172.00 in a report on Friday, March 8th. KeyCorp increased their price target on Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. UBS Group upped their target price on Dycom Industries from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Wells Fargo & Company boosted their price target on Dycom Industries from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Finally, StockNews.com raised shares of Dycom Industries from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $187.00.

View Our Latest Stock Report on DY

Insider Activity

In other news, VP Jason T. Lawson sold 220 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $140.27, for a total transaction of $30,859.40. Following the transaction, the vice president now directly owns 7,793 shares of the company’s stock, valued at $1,093,124.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in Dycom Industries during the first quarter worth $28,000. Headlands Technologies LLC bought a new stake in shares of Dycom Industries during the 1st quarter worth $72,000. Quadrant Capital Group LLC boosted its stake in Dycom Industries by 26.4% in the fourth quarter. Quadrant Capital Group LLC now owns 770 shares of the construction company’s stock valued at $89,000 after buying an additional 161 shares in the last quarter. Principal Securities Inc. bought a new position in Dycom Industries in the fourth quarter valued at about $142,000. Finally, Strs Ohio raised its stake in Dycom Industries by 50.0% during 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 in the last quarter. Institutional investors own 98.33% of the company’s stock.

Dycom Industries Price Performance

The business’s fifty day moving average price is $146.78 and its 200 day moving average price is $125.95. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.17 and a quick ratio of 2.97. The stock has a market cap of $5.36 billion, a P/E ratio of 23.76, a PEG ratio of 2.18 and a beta of 1.37.

Dycom Industries (NYSE:DYGet Free Report) last issued its quarterly earnings data on Wednesday, May 22nd. The construction company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.39 by $0.73. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. Dycom Industries had a net margin of 5.38% and a return on equity of 22.15%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.73 EPS. Sell-side analysts forecast that Dycom Industries, Inc. will post 7.62 EPS for the current fiscal year.

Dycom Industries Company Profile

(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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