Dycom Industries, Inc. (NYSE:DY) Short Interest Down 29.2% in March

Dycom Industries, Inc. (NYSE:DY - Get Free Report) saw a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 884,800 shares, a decrease of 29.2% from the March 15th total of 1,250,000 shares. Based on an average daily trading volume, of 530,300 shares, the days-to-cover ratio is presently 1.7 days. Currently, 3.2% of the company's shares are short sold.

Hedge Funds Weigh In On Dycom Industries

Several large investors have recently added to or reduced their stakes in DY. Corient Private Wealth LLC lifted its holdings in shares of Dycom Industries by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company's stock valued at $1,221,000 after purchasing an additional 55 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company's stock valued at $98,000 after acquiring an additional 56 shares in the last quarter. Arizona State Retirement System boosted its holdings in Dycom Industries by 0.8% during the 4th quarter. Arizona State Retirement System now owns 8,447 shares of the construction company's stock worth $1,470,000 after acquiring an additional 70 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Dycom Industries by 26.3% in 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 during the last quarter. Finally, Anchor Investment Management LLC boosted its stake in shares of Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock worth $53,000 after buying an additional 73 shares during the last quarter. Institutional investors own 98.33% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on DY shares. JPMorgan Chase & Co. began coverage on Dycom Industries in a report on Monday. They issued an "overweight" rating and a $200.00 target price on the stock. Raymond James increased their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, February 4th. Wells Fargo & Company cut their price target on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. B. Riley dropped 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. Finally, KeyCorp dropped their price target 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 research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $200.22.

Dycom Industries Stock Up 3.8 %

DY stock traded up $5.84 during midday trading on Wednesday, reaching $160.44. 266,958 shares of the company's stock traded hands, compared to its average volume of 397,404. 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 firm's fifty day moving average price is $156.14 and its 200-day moving average price is $175.04. Dycom Industries has a 52 week low of $131.37 and a 52 week high of $207.20. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 21.11, a P/E/G ratio of 1.29 and a beta of 1.36.

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

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.