Dycom Industries (NYSE:DY) Now Covered by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Dycom Industries (NYSE:DY) in a report published on Monday, Marketbeat.com reports. The brokerage issued an overweight rating and a $200.00 target price on the construction company’s stock.

A number of other research firms also recently issued reports on DY. 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. Raymond James upped their target price on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. Wells Fargo & Company reduced their price objective on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, KeyCorp reduced their price target on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $200.22.

Dycom Industries Stock Performance

Shares of DY stock opened at $151.72 on Monday. 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 market capitalization of $4.37 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.29 and a beta of 1.36. Dycom Industries has a one year low of $131.37 and a one year high of $207.20. The company’s 50-day simple moving average is $156.77 and its 200-day simple moving average is $175.18.

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

Institutional Investors Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently bought and sold shares of DY. Corient Private Wealth LLC lifted its holdings in shares of Dycom Industries by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock valued at $1,221,000 after purchasing an additional 55 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in shares of Dycom Industries by 11.1% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock worth $98,000 after purchasing an additional 56 shares during the period. Arizona State Retirement System grew its position in Dycom Industries by 0.8% during the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock valued at $1,470,000 after purchasing an additional 70 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in 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 buying an additional 71 shares in the last quarter. Finally, Anchor Investment Management LLC boosted its stake in shares of Dycom Industries by 37.6% during the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after buying an additional 73 shares during the period. 98.33% of the stock is currently owned by institutional investors.

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.