Wells Fargo & Company Issues Positive Forecast for Dycom Industries (NYSE:DY) Stock Price

Dycom Industries (NYSE:DY) had its target price raised by Wells Fargo & Company from $215.00 to $250.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

Other equities analysts also recently issued reports about the stock. B. Riley increased their price objective on shares of Dycom Industries from $200.00 to $265.00 and gave the company a “buy” rating in a report on Friday, May 23rd. UBS Group increased their target price on shares of Dycom Industries from $234.00 to $258.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. KeyCorp reduced their target price 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 increased their target price on shares of Dycom Industries from $215.00 to $255.00 and gave the company a “strong-buy” rating in a research report on Thursday, May 22nd. Finally, DA Davidson increased their target price on shares of Dycom Industries from $220.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Dycom Industries presently has an average rating of “Buy” and an average target price of $241.25.

Dycom Industries Stock Performance

Shares of NYSE DY opened at $228.00 on Tuesday. The company’s fifty day moving average price is $171.17 and its 200 day moving average price is $175.42. 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 $6.56 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

Dycom Industries (NYSE:DY) last announced its quarterly 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 the consensus estimate of $1.19 billion. During the same period in the prior year, the firm posted $2.12 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts predict that Dycom Industries will post 7.13 earnings per share for the current year.

Dycom Industries announced that its board has initiated a stock buyback program on Wednesday, February 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased its position in Dycom Industries by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 55 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position 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 valued at $98,000 after acquiring an additional 56 shares during the last quarter. Arizona State Retirement System increased its position in shares of 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 acquiring an additional 70 shares during the last quarter. EverSource Wealth Advisors LLC increased its position 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 acquiring an additional 71 shares during the last quarter. Finally, Ironwood Investment Management LLC increased its position 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 acquiring an additional 89 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Company Profile

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.