Bank of New York Mellon Corp Sells 9,891 Shares of Dycom Industries, Inc. (NYSE:DY)

Bank of New York Mellon Corp reduced its stake in Dycom Industries, Inc. (NYSE:DY) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,727 shares of the construction company’s stock after selling 9,891 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of Dycom Industries worth $29,055,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in DY. Peregrine Capital Management LLC raised its holdings in Dycom Industries by 3.3% in the 1st quarter. Peregrine Capital Management LLC now owns 57,082 shares of the construction company’s stock worth $8,696,000 after acquiring an additional 1,846 shares during the last quarter. KBC Group NV increased its stake in shares of Dycom Industries by 18.9% in the 1st quarter. KBC Group NV now owns 1,443 shares of the construction company’s stock worth $220,000 after purchasing an additional 229 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Dycom Industries by 2.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 16,106 shares of the construction company’s stock worth $2,454,000 after purchasing an additional 458 shares in the last quarter. Harbour Capital Advisors LLC increased its stake in shares of Dycom Industries by 57.3% in the 1st quarter. Harbour Capital Advisors LLC now owns 6,725 shares of the construction company’s stock worth $995,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Dycom Industries by 327.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company’s stock worth $60,818,000 after buying an additional 305,755 shares during the period. 98.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DY has been the subject of several research reports. 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. JPMorgan Chase & Co. increased their price target on shares of Dycom Industries from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, May 22nd. Wall Street Zen raised shares of Dycom Industries from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. DA Davidson increased their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Finally, UBS Group raised their target price on shares of Dycom Industries from $258.00 to $288.00 and gave the stock a “buy” rating in a research report on Thursday, July 10th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $259.00.

Dycom Industries Price Performance

NYSE DY opened at $252.58 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.68 and a current ratio of 2.89. The firm’s 50 day moving average price is $230.17 and its 200-day moving average price is $189.83. Dycom Industries, Inc. has a 52-week low of $131.37 and a 52-week high of $255.65. The company has a market cap of $7.30 billion, a PE ratio of 32.01, a P/E/G ratio of 1.43 and a beta of 1.32.

Dycom Industries (NYSE:DY) last announced its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.47. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. Dycom Industries had a net margin of 4.81% and a return on equity of 20.04%. Dycom Industries’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $2.12 earnings per share. Sell-side analysts forecast that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

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.