Dycom Industries (NYSE:DY) Given New $429.00 Price Target at KeyCorp

Key Points

• KeyCorp raised Dycom Industries’ price target to $429 from $423 and maintained an “overweight” rating, implying 47.34% upside from the previous close.
• Analyst sentiment remains broadly positive: 10 analysts rate the stock a Buy and two rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $502.92.
• Dycom reported quarterly EPS of $5.29, beating estimates by $0.57, while revenue rose 45.6% year over year to $2.01 billion. The board also authorized a $150 million share repurchase plan, covering up to 1.4% of outstanding shares.

Dycom Industries (NYSE:DY - Get Free Report) had its price target lifted by stock analysts at KeyCorp from $423.00 to $429.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the construction company's stock. KeyCorp's price objective would suggest a potential upside of 47.34% from the stock's previous close.

Several other research firms have also recently weighed in on DY. Wells Fargo & Company set a $476.00 price objective on shares of Dycom Industries in a research report on Thursday, August 27th. Raymond James Financial set a $375.00 target price on Dycom Industries in a report on Thursday, September 3rd. Wall Street Zen cut Dycom Industries from a "buy" rating to a "hold" rating in a research report on Saturday. UBS Group reiterated a "buy" rating on shares of Dycom Industries in a report on Thursday. Finally, Wedbush set a $654.00 price target on Dycom Industries in a research report on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $502.92.

Dycom Industries Stock Performance

Shares of NYSE DY opened at $291.17 on Monday. The stock's fifty day simple moving average is $368.31 and its 200 day simple moving average is $400.10. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 0.50 and a beta of 1.49. The company has a quick ratio of 2.24, a current ratio of 2.35 and a debt-to-equity ratio of 1.35. Dycom Industries has a 52-week low of $266.09 and a 52-week high of $566.47.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The construction company reported $5.29 earnings per share for the quarter, topping analysts' consensus estimates of $4.72 by $0.57. Dycom Industries had a return on equity of 25.30% and a net margin of 4.79%.The firm had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.98 billion. During the same quarter last year, the business posted $3.33 EPS. Dycom Industries's revenue was up 45.6% on a year-over-year basis. Dycom Industries has set its Q3 2027 guidance at 4.330-4.790 EPS. As a group, sell-side analysts forecast that Dycom Industries will post 15.82 earnings per share for the current fiscal year.

Dycom Industries declared that its board has approved a stock repurchase plan on Wednesday, August 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Dycom Industries

In other news, Director David Fallon acquired 700 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $286.92 per share, for a total transaction of $200,844.00. Following the completion of the acquisition, the director owned 1,043 shares in the company, valued at approximately $299,257.56. The trade was a 204.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.22% of the company's stock.

Institutional Investors Weigh In On Dycom Industries

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Dycom Industries in the second quarter worth approximately $1,513,523,000. Hill City Capital LP acquired a new stake in Dycom Industries in the second quarter valued at approximately $510,536,693. Bank of America Corp DE acquired a new stake in Dycom Industries in the second quarter valued at approximately $270,174,000. Bank of New York Mellon Corp bought a new stake in Dycom Industries in the second quarter worth approximately $90,216,000. Finally, First Trust Advisors LP grew its position in Dycom Industries by 27.8% in the first quarter. First Trust Advisors LP now owns 798,699 shares of the construction company's stock worth $270,615,000 after acquiring an additional 173,528 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Company Profile

Dycom Industries, Inc is a specialty contractor that provides infrastructure construction and maintenance services for the telecommunications and utility industries. The company supports the expansion, upgrade and upkeep of communications networks, including fiber-optic, broadband, wireless and other voice and data systems.

Its services include engineering and design, aerial and underground construction, fiber and cable installation, wireless infrastructure deployment, network maintenance, utility locating, vegetation management and emergency restoration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.