Dycom Industries (NYSE:DY) Price Target Raised to $265.00

Dycom Industries (NYSE:DY) had its target price upped by B. Riley from $200.00 to $265.00 in a report issued on Friday morning,Benzinga reports. B. Riley currently has a buy rating on the construction company’s stock.

Several other equities analysts have also recently weighed in on the company. Wells Fargo & Company raised their price objective on Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Monday, May 19th. UBS Group raised their price objective on Dycom Industries from $234.00 to $258.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp decreased their price objective on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. raised their price objective on Dycom Industries from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Raymond James raised their price objective on Dycom Industries from $215.00 to $255.00 and gave the company a “strong-buy” rating in a report on Thursday. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $236.88.

Dycom Industries Stock Performance

DY opened at $225.97 on Friday. The business’s 50-day moving average price is $168.44 and its two-hundred day moving average price is $174.80. Dycom Industries has a 1 year low of $131.37 and a 1 year high of $228.66. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 29.73, a P/E/G ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

Dycom Industries (NYSE:DY) last released its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.47. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the business posted $2.12 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts expect that Dycom Industries will post 7.13 EPS for the current fiscal year.

Dycom Industries declared that its board has approved a share 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 reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Dycom Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of DY. Barclays PLC grew its holdings in Dycom Industries by 279.0% during the third quarter. Barclays PLC now owns 57,923 shares of the construction company’s stock worth $11,419,000 after purchasing an additional 42,641 shares during the period. Park Avenue Securities LLC bought a new position in Dycom Industries during the fourth quarter worth about $371,000. KBC Group NV grew its holdings in Dycom Industries by 39.2% during the fourth quarter. KBC Group NV now owns 1,214 shares of the construction company’s stock worth $211,000 after purchasing an additional 342 shares during the period. Mariner Investment Group LLC grew its holdings in Dycom Industries by 327.7% during the fourth quarter. Mariner Investment Group LLC now owns 11,000 shares of the construction company’s stock worth $1,915,000 after purchasing an additional 8,428 shares during the period. Finally, Guidance Capital Inc. acquired a new stake in Dycom Industries during the fourth quarter worth approximately $464,000. 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.