DA Davidson Forecasts Strong Price Appreciation for Dycom Industries (NYSE:DY) Stock

Dycom Industries (NYSE:DY) had its target price upped by equities research analysts at DA Davidson from $220.00 to $265.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. DA Davidson’s target price would indicate a potential upside of 17.27% from the company’s previous close.

A number of other analysts also recently weighed in on DY. B. Riley upped their target price on Dycom Industries from $200.00 to $265.00 and gave the company a “buy” rating in a research report on Friday. KeyCorp cut their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Raymond James raised their target price on shares of Dycom Industries from $215.00 to $255.00 and gave the company a “strong-buy” rating in a report on Thursday. UBS Group upped their price target on shares of Dycom Industries from $234.00 to $258.00 and gave the stock a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Dycom Industries from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday. One equities research 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 company. Based on data from MarketBeat.com, Dycom Industries has a consensus rating of “Buy” and a consensus target price of $236.88.

Dycom Industries Trading Up 0.8%

Shares of DY stock opened at $225.97 on Friday. Dycom Industries has a 12-month low of $131.37 and a 12-month high of $228.66. The company has a market capitalization of $6.50 billion, a PE ratio of 29.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The firm has a 50 day moving average price of $168.44 and a two-hundred day moving average price of $174.82. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.

Dycom Industries (NYSE:DY) last announced its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.47. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the business posted $2.12 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. As a group, analysts predict that Dycom Industries will post 7.13 earnings per share for the current year.

Dycom Industries announced that its Board of Directors has authorized a share buyback 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 generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC grew its position in shares of Dycom Industries by 0.8% during the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after buying an additional 55 shares during the period. Wilmington Savings Fund Society FSB grew its holdings in Dycom Industries by 11.1% in 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 increased its stake in Dycom Industries by 0.8% in 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 raised its holdings in shares of Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after purchasing an additional 71 shares during the period. Finally, Ironwood Investment Management LLC raised its holdings in shares of Dycom Industries by 0.6% during the fourth quarter. Ironwood Investment Management LLC now owns 14,795 shares of the construction company’s stock valued at $2,575,000 after purchasing an additional 89 shares during the period. Institutional investors own 98.33% of the company’s stock.

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.