Dycom Industries, Inc. (NYSE:DY) Given Average Rating of “Buy” by Brokerages

Shares of Dycom Industries, Inc. (NYSE:DY) have been given an average recommendation of “Buy” by the nine brokerages that are covering the stock, MarketBeat reports. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $200.22.

Several brokerages have weighed in on DY. KeyCorp dropped 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. Raymond James boosted their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, February 4th. B. Riley reduced their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Wells Fargo & Company dropped their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. initiated coverage on Dycom Industries in a research report on Monday, April 21st. They issued an “overweight” rating and a $200.00 price target on the stock.

Dycom Industries Stock Up 1.3 %

NYSE DY opened at $188.78 on Friday. 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 has a 52 week low of $131.37 and a 52 week high of $207.20. The stock has a market capitalization of $5.43 billion, a P/E ratio of 24.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The stock has a fifty day moving average of $157.66 and a 200-day moving average of $173.52.

Dycom Industries declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

Several large investors have recently made changes to their positions in DY. Nordea Investment Management AB acquired a new position in Dycom Industries during the 4th quarter worth approximately $1,171,000. JPMorgan Chase & Co. increased its stake in Dycom Industries by 65.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock valued at $15,831,000 after buying an additional 31,864 shares during the last quarter. Principal Financial Group Inc. lifted its position in Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after buying an additional 27,370 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company’s stock worth $68,000 after buying an additional 264 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new position in shares of Dycom Industries in the 4th quarter valued at about $50,234,000. Institutional investors own 98.33% of the company’s stock.

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.