Bank of America Boosts Dycom Industries (NYSE:DY) Price Target to $475.00

Dycom Industries (NYSE:DY) had its price objective lifted by analysts at Bank of America from $365.00 to $475.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Bank of America‘s price objective would suggest a potential upside of 12.97% from the stock’s previous close.

Several other analysts also recently commented on the stock. Vertical Research assumed coverage on shares of Dycom Industries in a research report on Tuesday, December 23rd. They set a “buy” rating and a $420.00 price objective for the company. Wells Fargo & Company raised their target price on Dycom Industries from $315.00 to $360.00 and gave the company an “overweight” rating in a report on Thursday, November 20th. JPMorgan Chase & Co. upped their price objective on shares of Dycom Industries from $370.00 to $395.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 4th. Zacks Research cut Dycom Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Dycom Industries in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Dycom Industries currently has an average rating of “Moderate Buy” and an average target price of $406.20.

Dycom Industries Stock Down 1.2%

NYSE:DY opened at $420.46 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.09 and a quick ratio of 2.90. Dycom Industries has a one year low of $131.37 and a one year high of $445.52. The company has a market cap of $12.18 billion, a PE ratio of 41.38, a P/E/G ratio of 1.87 and a beta of 1.36. The firm’s 50 day simple moving average is $376.95 and its 200 day simple moving average is $322.32.

Insider Transactions at Dycom Industries

In other Dycom Industries news, Director Eitan Gertel sold 3,645 shares of Dycom Industries stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $345.62, for a total value of $1,259,784.90. Following the transaction, the director directly owned 15,997 shares of the company’s stock, valued at $5,528,883.14. The trade was a 18.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.72% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DY. Northwestern Mutual Wealth Management Co. raised its holdings in 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 valued at $8,076,953,000 after buying an additional 23,903,375 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Dycom Industries by 5,603.6% in the fourth quarter. Nordea Investment Management AB now owns 405,580 shares of the construction company’s stock valued at $139,057,000 after acquiring an additional 398,469 shares during the period. Millennium Management LLC raised its stake in shares of Dycom Industries by 21.0% during 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 last quarter. Alyeska Investment Group L.P. purchased a new position in Dycom Industries during the 3rd quarter valued at about $44,553,000. Finally, Bornite Capital Management LP bought a new position in Dycom Industries during the 3rd quarter valued at approximately $43,764,000. Institutional investors own 98.33% of the company’s stock.

About Dycom Industries

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.