Dycom Industries (NYSE:DY) Shares Gap Up on Analyst Upgrade

Dycom Industries, Inc. (NYSE:DY)’s share price gapped up before the market opened on Tuesday after Wells Fargo & Company raised their price target on the stock from $200.00 to $215.00. The stock had previously closed at $192.12, but opened at $198.99. Wells Fargo & Company currently has an overweight rating on the stock. Dycom Industries shares last traded at $195.15, with a volume of 17,565 shares traded.

A number of other research firms have also recently commented on DY. JPMorgan Chase & Co. initiated coverage on Dycom Industries in a research note on Monday, April 21st. They set an “overweight” rating and a $200.00 target price on the stock. 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 research report on Wednesday, April 16th. B. Riley reduced their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th. Finally, Raymond James lifted their price target 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. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $201.89.

Institutional Trading of Dycom Industries

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

Dycom Industries Stock Up 0.3%

The stock has a fifty day simple moving average of $164.35 and a two-hundred day simple moving average of $173.88. The firm has a market cap of $5.55 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. 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 declared that its Board of Directors has approved a stock repurchase 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 usually an indication that the company’s management 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.