Dycom Industries (NYSE:DY) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Dycom Industries (NYSE:DY) from a hold rating to a strong sell rating in a report issued on Tuesday,Zacks.com reports.

A number of other research firms have also recently commented on DY. KeyCorp restated an “overweight” rating on shares of Dycom Industries in a report on Tuesday, January 27th. Vertical Research began coverage on shares of Dycom Industries in a report on Tuesday, December 23rd. They set a “buy” rating and a $420.00 target price on the stock. DA Davidson raised their price target on Dycom Industries from $300.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Dycom Industries in a research note on Wednesday, January 21st. Finally, Bank of America raised their price target on shares of Dycom Industries from $310.00 to $365.00 and gave the stock a “buy” rating in a report on Friday, November 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $395.20.

Dycom Industries Price Performance

NYSE DY opened at $419.34 on Tuesday. The stock has a market capitalization of $12.14 billion, a PE ratio of 41.27, a P/E/G ratio of 1.81 and a beta of 1.36. Dycom Industries has a twelve month low of $131.37 and a twelve month high of $445.52. The stock has a 50-day simple moving average of $368.98 and a 200 day simple moving average of $317.00. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.90 and a current ratio of 3.09.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, November 19th. The construction company reported $3.63 earnings per share for the quarter, beating analysts’ consensus estimates of $3.15 by $0.48. Dycom Industries had a net margin of 5.75% and a return on equity of 22.21%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $2.68 earnings per share. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. Research analysts anticipate that Dycom Industries will post 7.13 EPS for the current year.

Insider Activity

In other news, Director Eitan Gertel sold 3,645 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $345.62, for a total transaction of $1,259,784.90. Following the transaction, the director owned 15,997 shares of the company’s stock, valued at approximately $5,528,883.14. The trade was a 18.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.72% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Several institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Dycom Industries by 265,593,055.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 23,903,384 shares of the construction company’s stock worth $8,076,953,000 after buying an additional 23,903,375 shares during the last quarter. Nordea Investment Management AB raised its stake in Dycom Industries by 5,603.6% during the 4th quarter. Nordea Investment Management AB now owns 405,580 shares of the construction company’s stock worth $139,057,000 after acquiring an additional 398,469 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Dycom Industries by 21.0% in the third quarter. Millennium Management LLC now owns 1,324,938 shares of the construction company’s stock valued at $386,564,000 after acquiring an additional 229,579 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Dycom Industries during the third quarter worth about $44,553,000. Finally, Bornite Capital Management LP acquired a new position in Dycom Industries in the 3rd quarter valued at $43,764,000. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Company Profile

Dycom Industries, Inc (NYSE: DY) is a leading provider of specialty contracting services to the telecommunications industry in North America. The company delivers engineering, construction, installation and maintenance solutions for communications infrastructure, supporting a broad range of network technologies and system architectures. Dycom’s services span outside plant construction, cable placement, fiber optic deployment, wireless and wireline network engineering, as well as testing and turn-up services for voice, data and video applications.

Dycom’s customer base includes major telecommunications carriers, cable operators, utility companies and competitive local exchange carriers.