Cresset Asset Management LLC Reduces Stock Position in Dycom Industries, Inc. (NYSE:DY)

Cresset Asset Management LLC decreased its position in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 68.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,854 shares of the construction company's stock after selling 486,362 shares during the period. Cresset Asset Management LLC owned approximately 0.78% of Dycom Industries worth $39,834,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Corient Private Wealth LLC lifted its position in Dycom Industries by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company's stock worth $1,221,000 after purchasing an additional 55 shares during the period. Wilmington Savings Fund Society FSB boosted its position in shares of Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company's stock worth $98,000 after acquiring an additional 56 shares in the last quarter. Arizona State Retirement System increased its stake in Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company's stock valued at $1,470,000 after acquiring an additional 70 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock valued at $59,000 after purchasing an additional 71 shares in the last quarter. Finally, Ironwood Investment Management LLC boosted its holdings in shares of Dycom Industries by 0.6% in the 4th quarter. Ironwood Investment Management LLC now owns 14,795 shares of the construction company's stock valued at $2,575,000 after purchasing an additional 89 shares in the last quarter. Institutional investors and hedge funds own 98.33% of the company's stock.

Dycom Industries Stock Up 1.3 %

DY stock traded up $2.37 during trading on Friday, reaching $188.78. The stock had a trading volume of 246,449 shares, compared to its average volume of 406,511. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $5.43 billion, a price-to-earnings ratio of 24.84, a P/E/G 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 50 day moving average is $157.66 and its two-hundred day moving average is $173.37.

Dycom Industries announced that its Board of Directors has approved a share buyback program on Wednesday, February 26th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DY. Wells Fargo & Company dropped their price objective on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. B. Riley decreased their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, March 19th. JPMorgan Chase & Co. initiated coverage on shares of Dycom Industries in a research report on Monday, April 21st. They set an "overweight" rating and a $200.00 price target on the stock. Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Tuesday, February 4th. Finally, KeyCorp cut their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $200.22.

About Dycom Industries

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.