Dycom Industries, Inc. (NYSE:DY) Receives $241.25 Average Target Price from Analysts

Shares of Dycom Industries, Inc. (NYSE:DY - Get Free Report) have been assigned an average recommendation of "Buy" from the eight research firms that are currently covering the company, Marketbeat reports. Seven analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $241.25.

DY has been the topic of a number of research reports. Wall Street Zen lowered Dycom Industries from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Raymond James raised their price objective on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. raised their price objective on Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. B. Riley raised their price objective on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, DA Davidson lifted their price target on Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd.

Dycom Industries Price Performance

Dycom Industries stock traded up $5.12 during trading on Wednesday, reaching $242.91. The company had a trading volume of 350,241 shares, compared to its average volume of 416,798. The firm's 50-day simple moving average is $183.44 and its 200 day simple moving average is $177.85. Dycom Industries has a 1-year low of $131.37 and a 1-year high of $243.06. The firm has a market capitalization of $7.03 billion, a PE ratio of 31.96, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32. 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 (NYSE:DY - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.12 EPS. As a group, equities research analysts anticipate that Dycom Industries will post 7.13 earnings per share for the current fiscal year.

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

Institutional Trading of Dycom Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its position in Dycom Industries by 209.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company's stock valued at $68,000 after acquiring an additional 264 shares in the last quarter. Braun Stacey Associates Inc. grew its position in Dycom Industries by 110.7% in the 4th quarter. Braun Stacey Associates Inc. now owns 61,091 shares of the construction company's stock valued at $10,633,000 after acquiring an additional 32,098 shares in the last quarter. Barclays PLC grew its position in Dycom Industries by 279.0% in the 3rd quarter. Barclays PLC now owns 57,923 shares of the construction company's stock valued at $11,419,000 after acquiring an additional 42,641 shares in the last quarter. J. Goldman & Co LP grew its position in Dycom Industries by 25.4% in the 4th quarter. J. Goldman & Co LP now owns 90,253 shares of the construction company's stock valued at $15,709,000 after acquiring an additional 18,289 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Dycom Industries by 4,021.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,202 shares of the construction company's stock valued at $1,449,000 after acquiring an additional 8,003 shares in the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

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.