Dycom Industries, Inc. (NYSE:DY) Shares Sold by Comerica Bank

Comerica Bank lowered its stake in Dycom Industries, Inc. (NYSE:DY) by 2.1% during the fourth quarter, HoldingsChannel reports. The firm owned 10,672 shares of the construction company’s stock after selling 228 shares during the quarter. Comerica Bank’s holdings in Dycom Industries were worth $1,858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of DY. EverSource Wealth Advisors LLC boosted its holdings in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after purchasing an additional 71 shares in the last quarter. GeoWealth Management LLC raised its stake in shares of Dycom Industries by 35.9% during the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock worth $61,000 after buying an additional 92 shares in the last quarter. Anchor Investment Management LLC boosted its stake in shares of Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock valued at $64,000 after buying an additional 100 shares in the last quarter. Federated Hermes Inc. grew its holdings in Dycom Industries by 107.0% during the fourth quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock worth $67,000 after acquiring an additional 200 shares during the period. Finally, First Horizon Advisors Inc. raised its position in Dycom Industries by 34.7% in the fourth quarter. First Horizon Advisors Inc. now owns 392 shares of the construction company’s stock worth $68,000 after acquiring an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Dycom Industries Price Performance

DY stock opened at $188.78 on Friday. The company has a market cap of $5.43 billion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month high of $207.20. The stock has a 50-day moving average price of $157.66 and a two-hundred day moving average price of $173.52. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89.

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 outstanding shares. This buyback authorization permits the construction company to buy up to 3.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. began coverage on shares of Dycom Industries in a research report on Monday, April 21st. They set an “overweight” rating and a $200.00 target price on the stock. Raymond James boosted their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. B. Riley dropped their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. KeyCorp lowered their price target on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their target price on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $200.22.

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.