Dycom Industries (NYSE:DY) Sets New 52-Week High – Should You Buy?

Dycom Industries, Inc. (NYSE:DY)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $243.38 and last traded at $238.41, with a volume of 414271 shares. The stock had previously closed at $243.02.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DY shares. B. Riley increased their target price on shares of Dycom Industries from $200.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Wells Fargo & Company increased their target price on shares of Dycom Industries from $215.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. increased their target price on shares of Dycom Industries from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, May 22nd. DA Davidson increased their target price on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Finally, Wall Street Zen lowered shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Friday, May 30th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $241.25.

Dycom Industries Stock Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The business’s fifty day simple moving average is $185.05 and its 200-day simple moving average is $178.23. The firm has a market capitalization of $6.90 billion, a PE ratio of 31.37, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.47. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm posted $2.12 earnings per share. Dycom Industries’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Dycom Industries, Inc. will post 7.13 EPS for the current year.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio purchased a new position in shares of Dycom Industries in the first quarter valued at $366,000. Intech Investment Management LLC grew its holdings in shares of Dycom Industries by 163.4% in the first quarter. Intech Investment Management LLC now owns 35,257 shares of the construction company’s stock valued at $5,371,000 after purchasing an additional 21,871 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Dycom Industries by 7.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 69,726 shares of the construction company’s stock valued at $10,622,000 after purchasing an additional 4,985 shares in the last quarter. Optimize Financial Inc bought a new stake in Dycom Industries in the first quarter worth $219,000. Finally, United Services Automobile Association bought a new stake in Dycom Industries in the first quarter worth $299,000. 98.33% of the stock is owned by hedge funds and other institutional investors.

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.