Covalis Capital LLP Buys 33,778 Shares of Dycom Industries, Inc. (NYSE:DY)

Covalis Capital LLP raised its stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 158.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 55,099 shares of the construction company's stock after purchasing an additional 33,778 shares during the quarter. Dycom Industries accounts for about 1.4% of Covalis Capital LLP's investment portfolio, making the stock its 27th biggest position. Covalis Capital LLP owned about 0.19% of Dycom Industries worth $9,591,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. SOA Wealth Advisors LLC. bought a new position in Dycom Industries during the third quarter worth about $39,000. Westside Investment Management Inc. acquired a new stake in shares of Dycom Industries in the 3rd quarter valued at $41,000. Anchor Investment Management LLC increased its position in shares of Dycom Industries by 37.6% during the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock worth $53,000 after purchasing an additional 73 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after buying an additional 71 shares during the last quarter. Finally, GeoWealth Management LLC raised its stake in shares of Dycom Industries by 35.9% in the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock valued at $61,000 after acquiring an additional 92 shares during the last quarter. Institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Up 2.0 %

DY stock traded up $3.16 during mid-day trading on Thursday, reaching $163.91. The company had a trading volume of 73,313 shares, compared to its average volume of 509,483. Dycom Industries, Inc. has a 52 week low of $131.37 and a 52 week high of $207.20. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 1.29 and a beta of 1.36. 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 stock has a 50 day simple moving average of $155.80 and a two-hundred day simple moving average of $174.94.

Dycom Industries announced that its board has initiated a stock repurchase plan on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

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.