Brokerages Set Dycom Industries, Inc. (NYSE:DY) PT at $202.50

Shares of Dycom Industries, Inc. (NYSE:DY) have earned an average recommendation of “Buy” from the eight research firms that are currently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $200.25.

A number of research firms recently issued reports on DY. Wells Fargo & Company decreased their price objective on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. KeyCorp lowered their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a report on Wednesday. Raymond James increased their target price 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. Finally, B. Riley lowered 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 note on Wednesday, March 19th.

Institutional Investors Weigh In On Dycom Industries

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp raised its stake in shares of Dycom Industries by 46.5% during the third quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock valued at $3,988,000 after acquiring an additional 6,418 shares during the last quarter. Nordea Investment Management AB acquired a new stake in Dycom Industries in the fourth quarter valued at $1,171,000. JPMorgan Chase & Co. raised its position in Dycom Industries by 65.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock worth $15,831,000 after purchasing an additional 31,864 shares during the last quarter. Principal Financial Group Inc. raised its position in Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after purchasing an additional 27,370 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company’s stock worth $68,000 after buying an additional 264 shares during the period. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Price Performance

DY stock opened at $154.94 on Tuesday. The stock has a 50-day moving average price of $159.22 and a two-hundred day moving average price of $176.20. Dycom Industries has a 1 year low of $131.37 and a 1 year high of $207.20. The stock has a market cap of $4.49 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. 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 announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to purchase 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.

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.