Dycom Industries (NYSE:DY) Coverage Initiated by Analysts at Oppenheimer

Key Points

• Oppenheimer initiated coverage of Dycom Industries with a “market perform” rating. Other analysts remain more bullish, resulting in a consensus “Moderate Buy” rating and an average price target of $502.92.
• Dycom reported quarterly EPS of $5.29, beating estimates of $4.72, while revenue rose 45.6% year over year to $2.01 billion. The company also authorized a $150 million share-buyback program, equal to about 1.4% of outstanding shares.
• DY opened at $228.68, substantially below its 52-week high of $566.47, with a market capitalization of approximately $6.90 billion. Institutional investors and hedge funds own 98.33% of the stock.

Oppenheimer started coverage on shares of Dycom Industries (NYSE:DY - Get Free Report) in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage set a "market perform" rating on the construction company's stock.

DY has been the topic of several other reports. Cantor Fitzgerald restated an "overweight" rating and set a $476.00 price target on shares of Dycom Industries in a report on Friday, October 9th. Wall Street Zen upgraded Dycom Industries from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. UBS Group reissued a "buy" rating on shares of Dycom Industries in a research report on Thursday, September 17th. Guggenheim reissued a "buy" rating and set a $620.00 price objective on shares of Dycom Industries in a research report on Thursday, September 17th. Finally, Raymond James Financial set a $375.00 target price on Dycom Industries in a research note on Thursday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.92.

Dycom Industries Stock Up 1.8%

DY stock opened at $228.68 on Tuesday. The company's 50 day simple moving average is $293.36 and its 200-day simple moving average is $380.64. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.35 and a quick ratio of 2.24. Dycom Industries has a 52-week low of $215.28 and a 52-week high of $566.47. The firm has a market capitalization of $6.90 billion, a P/E ratio of 20.81, a P/E/G ratio of 0.38 and a beta of 1.50.

Dycom Industries (NYSE:DY - Get Free Report) last released its earnings results on Wednesday, August 26th. The construction company reported $5.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.72 by $0.57. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.98 billion. Dycom Industries had a return on equity of 25.30% and a net margin of 4.79%. The company's revenue for the quarter was up 45.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.33 earnings per share. Dycom Industries has set its Q3 2027 guidance at 4.330-4.790 EPS. As a group, equities research analysts anticipate that Dycom Industries will post 16.06 EPS for the current year.

Dycom Industries announced that its board has initiated a share buyback plan on Wednesday, August 26th that allows the company to repurchase $150 million in shares. This repurchase authorization allows the construction company to repurchase up to 1.4% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity at Dycom Industries

In other Dycom Industries news, Director David Fallon bought 700 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was bought at an average cost of $286.92 per share, with a total value of $200,844.00. Following the completion of the transaction, the director directly owned 1,043 shares of the company's stock, valued at approximately $299,257.56. The trade was a 204.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carmen Sabater purchased 350 shares of the company's stock in a transaction dated Wednesday, September 23rd. The shares were acquired at an average price of $280.62 per share, for a total transaction of $98,217.00. Following the purchase, the director owned 7,154 shares in the company, valued at $2,007,555.48. The trade was a 5.14% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On Dycom Industries

Several hedge funds have recently bought and sold shares of DY. Root Financial Partners LLC acquired a new stake in shares of Dycom Industries in the third quarter worth about $31,000. Allworth Financial LP acquired a new position in shares of Dycom Industries during the 2nd quarter valued at about $35,000. Legacy Wealth Managment LLC ID increased its holdings in shares of Dycom Industries by 30.4% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 150 shares of the construction company's stock valued at $51,000 after acquiring an additional 35 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Dycom Industries during the 2nd quarter valued at about $52,000. Finally, Continuum Advisory LLC acquired a new position in shares of Dycom Industries during the 2nd quarter valued at about $59,000. 98.33% of the stock is owned by institutional investors and hedge funds.

Dycom Industries Company Profile

Dycom Industries, Inc is a specialty contracting company that provides infrastructure services to telecommunications providers, utilities, cable and broadband companies, and government agencies. Headquartered in Palm Beach Gardens, Florida, the company operates primarily across the United States.

Its services include engineering, construction, installation, maintenance, and repair of telecommunications infrastructure. Dycom supports the deployment of fiber-optic networks, broadband systems, wireless networks, underground and aerial lines, and other communications facilities.

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