Dycom Industries, Inc. (NYSE:DY) Stake Reduced by Alliancebernstein L.P.

Alliancebernstein L.P. lowered its position in Dycom Industries, Inc. (NYSE:DY - Free Report) by 6.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,528 shares of the construction company's stock after selling 2,858 shares during the quarter. Alliancebernstein L.P. owned 0.15% of Dycom Industries worth $7,402,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DY. Schroder Investment Management Group boosted its stake in shares of Dycom Industries by 11.3% during the 4th quarter. Schroder Investment Management Group now owns 2,863 shares of the construction company's stock valued at $500,000 after buying an additional 291 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Dycom Industries by 8.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 4,190 shares of the construction company's stock valued at $729,000 after acquiring an additional 324 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in Dycom Industries during the 4th quarter valued at $1,015,000. Norges Bank acquired a new position in Dycom Industries during the 4th quarter worth $55,802,000. Finally, JPMorgan Chase & Co. increased its position in shares of Dycom Industries by 119.8% in the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company's stock worth $30,734,000 after purchasing an additional 96,252 shares during the last quarter. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Price Performance

Shares of Dycom Industries stock traded up $1.39 on Thursday, hitting $153.71. The company had a trading volume of 64,633 shares, compared to its average volume of 392,386. Dycom Industries, Inc. has a 52 week low of $131.37 and a 52 week high of $207.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The company has a market cap of $4.45 billion, a PE ratio of 20.22, a PEG ratio of 1.29 and a beta of 1.36. The business has a 50-day simple moving average of $159.22 and a 200-day simple moving average of $176.20.

Dycom Industries declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. KeyCorp decreased their price target on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research note on Wednesday. B. Riley decreased their target price 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. Raymond James upped their price target 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. Finally, Wells Fargo & Company reduced their price objective on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $200.25.

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.