Dycom Industries, Inc. (NYSE:DY) Given Average Recommendation of "Buy" by Brokerages

Dycom Industries, Inc. (NYSE:DY - Get Free Report) has received an average recommendation of "Buy" from the nine ratings firms that are covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $200.22.

Several equities research analysts have recently commented on DY shares. Raymond James boosted their price target on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, February 4th. Wells Fargo & Company decreased their price target on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. B. Riley decreased their price objective on shares of 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. began coverage on shares of Dycom Industries in a research report on Monday, April 21st. They issued an "overweight" rating and a $200.00 price objective for the company. Finally, KeyCorp reduced 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.

Dycom Industries Stock Performance

Shares of NYSE DY traded down $0.68 during trading hours on Friday, reaching $192.69. The stock had a trading volume of 63,698 shares, compared to its average volume of 405,933. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 25.41, a PEG ratio of 1.29 and a beta of 1.27. The firm has a 50-day moving average of $160.49 and a 200-day moving average of $173.51. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $207.20.

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

Institutional Investors Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new position in Dycom Industries during the fourth quarter valued at approximately $80,584,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Dycom Industries by 851.6% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company's stock valued at $72,459,000 after acquiring an additional 425,652 shares during the period. Norges Bank acquired a new stake in shares of Dycom Industries in the fourth quarter valued at approximately $55,802,000. Assenagon Asset Management S.A. boosted its holdings in shares of Dycom Industries by 327.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company's stock worth $60,818,000 after buying an additional 305,755 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Dycom Industries by 142.9% during the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock worth $86,405,000 after purchasing an additional 292,050 shares during the period. 98.33% of the stock is owned by institutional investors and hedge funds.

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.