Bank of America Corp DE Reduces Stock Position in Dycom Industries, Inc. (NYSE:DY)

Bank of America Corp DE lowered its holdings in Dycom Industries, Inc. (NYSE:DY - Free Report) by 13.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,486 shares of the construction company's stock after selling 40,058 shares during the period. Bank of America Corp DE owned approximately 0.91% of Dycom Industries worth $46,385,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of DY. Geode Capital Management LLC raised its stake 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 purchasing an additional 8,307 shares in the last quarter. First Trust Advisors LP boosted its stake in Dycom Industries by 142.9% in the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after buying an additional 292,050 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Dycom Industries in the 4th quarter valued at $80,584,000. Norges Bank bought a new stake in shares of Dycom Industries during the fourth quarter worth $55,802,000. Finally, Northern Trust Corp increased its holdings 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 purchasing an additional 25,571 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DY. KeyCorp decreased their target price on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. began coverage on Dycom Industries in a research note on Monday, April 21st. They set an "overweight" rating and a $200.00 target price on the stock. B. Riley lowered their price objective on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research note on Wednesday, March 19th. Raymond James lifted their price target on Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company lifted their target price on Dycom Industries from $200.00 to $215.00 and gave the stock an "overweight" rating in a report on Monday. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $201.89.

Dycom Industries Stock Up 1.3%

DY traded up $2.49 during midday trading on Tuesday, reaching $194.61. 63,460 shares of the company were exchanged, compared to its average volume of 406,716. 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 company's fifty day moving average price is $163.44 and its 200 day moving average price is $173.75. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 25.64, 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.

Dycom Industries declared that its board has initiated a stock 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 repurchase up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Dycom Industries 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.