Dycom Industries, Inc. (NYSE:DY) is Appian Way Asset Management LP's 9th Largest Position

Appian Way Asset Management LP lessened its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 55.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,143 shares of the construction company's stock after selling 111,408 shares during the period. Dycom Industries comprises 3.3% of Appian Way Asset Management LP's holdings, making the stock its 9th largest holding. Appian Way Asset Management LP owned 0.31% of Dycom Industries worth $15,864,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in DY. Principal Financial Group Inc. raised its position in Dycom Industries by 4.3% during the third quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company's stock valued at $131,278,000 after purchasing an additional 27,370 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Dycom Industries by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company's stock worth $114,765,000 after buying an additional 8,307 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Dycom Industries by 142.9% during the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock worth $86,405,000 after buying an additional 292,050 shares during the last quarter. Norges Bank acquired a new stake in Dycom Industries in the fourth quarter valued at about $55,802,000. Finally, Northern Trust Corp grew its position in Dycom Industries by 8.7% in the fourth quarter. Northern Trust Corp now owns 320,481 shares of the construction company's stock valued at $55,783,000 after acquiring an additional 25,571 shares during the last quarter. 98.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Dycom Industries Stock Up 0.3 %

DY traded up $0.53 during midday trading on Tuesday, reaching $183.49. 66,084 shares of the company were exchanged, compared to its average volume of 402,622. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a one year low of $131.37 and a one year high of $207.20. The company's fifty day moving average price is $155.61 and its 200 day moving average price is $173.55. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

Dycom Industries announced that its board has initiated a stock buyback program on Wednesday, February 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

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.