SIR Capital Management L.P. Invests $3.62 Million in Dycom Industries, Inc. (NYSE:DY)

SIR Capital Management L.P. purchased a new stake in shares of Dycom Industries, Inc. (NYSE:DY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 20,777 shares of the construction company’s stock, valued at approximately $3,616,000. SIR Capital Management L.P. owned 0.07% of Dycom Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Point72 Asset Management L.P. increased its stake in shares of Dycom Industries by 261.6% during the fourth quarter. Point72 Asset Management L.P. now owns 224,277 shares of the construction company’s stock valued at $39,038,000 after buying an additional 162,262 shares during the period. ProShare Advisors LLC grew its holdings in shares of Dycom Industries by 44.3% during the 4th quarter. ProShare Advisors LLC now owns 8,573 shares of the construction company’s stock worth $1,492,000 after acquiring an additional 2,633 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Dycom Industries by 5.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 218,023 shares of the construction company’s stock valued at $37,949,000 after purchasing an additional 11,359 shares during the period. Lazard Asset Management LLC boosted its position in shares of Dycom Industries by 1,775.0% during the fourth quarter. Lazard Asset Management LLC now owns 675 shares of the construction company’s stock valued at $117,000 after purchasing an additional 639 shares in the last quarter. Finally, Interval Partners LP grew its stake in Dycom Industries by 70.2% in the fourth quarter. Interval Partners LP now owns 108,322 shares of the construction company’s stock worth $18,855,000 after purchasing an additional 44,688 shares during the period. Institutional investors own 98.33% of the company’s stock.

Analysts Set New Price Targets

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

Dycom Industries Stock Performance

Shares of NYSE DY opened at $192.11 on Friday. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month high of $207.20. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 25.28, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $161.60 and a 200 day moving average of $173.53.

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

Dycom Industries 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.