JPMorgan Chase & Co. Begins Coverage on Dycom Industries (NYSE:DY)

JPMorgan Chase & Co. began coverage on shares of Dycom Industries (NYSE:DY - Free Report) in a research note released on Monday morning, MarketBeat reports. The firm issued an overweight rating and a $200.00 target price on the construction company's stock.

A number of other research firms have also recently issued reports on DY. KeyCorp cut their target price on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. B. Riley reduced their target price on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Raymond James boosted their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company lowered their target price on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $200.22.

Dycom Industries Stock Performance

NYSE:DY traded up $0.78 during mid-day trading on Monday, hitting $165.25. The stock had a trading volume of 357,974 shares, compared to its average volume of 400,475. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The company's 50 day simple moving average is $155.34 and its 200 day simple moving average is $174.59. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.29 and a beta of 1.36. Dycom Industries has a twelve month low of $131.37 and a twelve month high of $207.20.

Dycom Industries announced that its board has approved a share repurchase plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Dycom Industries

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company's stock worth $131,278,000 after purchasing an additional 27,370 shares during the last quarter. Geode Capital Management LLC raised its stake in Dycom Industries by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company's stock worth $114,765,000 after buying an additional 8,307 shares during the last quarter. First Trust Advisors LP lifted its holdings in Dycom Industries by 142.9% in the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after buying an additional 292,050 shares during the period. Alyeska Investment Group L.P. bought a new stake in Dycom Industries during the fourth quarter valued at $80,584,000. Finally, Assenagon Asset Management S.A. grew its holdings in 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 acquiring an additional 305,755 shares during the period. 98.33% of the stock is currently owned by institutional investors.

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.