Dycom Industries (NYSE:DY) Reaches New 52-Week High - Still a Buy?

Key Points

• Dycom Industries' shares reached a new 52-week high of $268.18, closing at $266.65 with a trading volume of 2,934 shares.
• Several analysts have recently upgraded their ratings on the stock, with a consensus rating of "Buy" and a price target of $259.00.
• The company reported $2.09 earnings per share for the last quarter, exceeding estimates and achieving a revenue increase of 10.2% year-over-year.

Dycom Industries, Inc. (NYSE:DY - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $268.18 and last traded at $266.65, with a volume of 2934 shares traded. The stock had previously closed at $264.27.

Analyst Ratings Changes

DY has been the topic of a number of research analyst reports. KeyCorp raised their price target on Dycom Industries from $255.00 to $295.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Raymond James Financial increased their price objective on Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a report on Thursday, May 22nd. DA Davidson increased their price objective on Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. B. Riley increased their price objective on Dycom Industries from $200.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Wall Street Zen upgraded Dycom Industries from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $259.00.

Dycom Industries Price Performance

The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 33.07, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. The company has a 50-day simple moving average of $244.31 and a two-hundred day simple moving average of $196.25. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.68 and a current ratio of 2.89.

Dycom Industries (NYSE:DY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.47. The firm 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 20.04% and a net margin of 4.81%. The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.12 EPS. As a group, equities research analysts forecast that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. CW Advisors LLC boosted its stake in shares of Dycom Industries by 1.0% during the 1st quarter. CW Advisors LLC now owns 9,338 shares of the construction company's stock worth $1,423,000 after acquiring an additional 91 shares during the period. GeoWealth Management LLC boosted its stake in Dycom Industries by 35.9% in the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock valued at $61,000 after purchasing an additional 92 shares during the period. Summit Investment Advisors Inc. boosted its stake in Dycom Industries by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,972 shares of the construction company's stock valued at $517,000 after purchasing an additional 94 shares during the period. Anchor Investment Management LLC boosted its stake in Dycom Industries by 37.5% in the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock valued at $64,000 after purchasing an additional 100 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Dycom Industries by 27.1% in the 1st quarter. Federated Hermes Inc. now owns 492 shares of the construction company's stock valued at $75,000 after purchasing an additional 105 shares during the period. Institutional investors and hedge funds own 98.33% of the company's stock.

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.