Dycom Industries (NYSE:DY) Hits New 12-Month High - Time to Buy?

Key Points

• Dycom Industries (NYSE:DY) reached a new 52-week high of $272.28, closing at $271.31, with an average price target of $259.00 from analysts.
• Analysts have issued multiple upgrades, with B. Riley raising its target from $200.00 to $265.00 and KeyCorp lifting theirs from $255.00 to $295.00, indicating strong investor confidence.
• The company reported a 10.2% increase in revenue year-over-year, generating $1.26 billion in revenue and earnings per share of $2.09, surpassing analyst expectations.

Dycom Industries, Inc. (NYSE:DY - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $272.28 and last traded at $271.31, with a volume of 81056 shares changing hands. The stock had previously closed at $267.76.

Analyst Ratings Changes

Several research firms have weighed in on DY. B. Riley lifted their target price on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Wells Fargo & Company lifted their price objective on Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded Dycom Industries from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Raymond James Financial lifted their price objective on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, KeyCorp lifted their price objective on Dycom Industries from $255.00 to $295.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Dycom Industries currently has an average rating of "Buy" and an average price target of $259.00.

Dycom Industries Stock Performance

The company has a debt-to-equity ratio of 0.80, a current ratio of 2.89 and a quick ratio of 2.68. The stock has a 50 day simple moving average of $246.62 and a two-hundred day simple moving average of $197.91. The company has a market cap of $7.81 billion, a PE ratio of 34.27, a PEG ratio of 1.51 and a beta of 1.34.

Dycom Industries (NYSE:DY - Get Free Report) last released its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. The business 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 company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 earnings per share. Equities analysts predict that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc acquired a new stake in Dycom Industries in the first quarter valued at $28,000. AlphaQuest LLC acquired a new stake in Dycom Industries in the first quarter valued at $37,000. GeoWealth Management LLC lifted its position in shares of Dycom Industries by 35.9% in the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock valued at $61,000 after acquiring an additional 92 shares in the last quarter. Anchor Investment Management LLC lifted its position in shares of Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock valued at $64,000 after acquiring an additional 100 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Dycom Industries by 107.0% in the fourth quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock valued at $67,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 98.33% of the company's stock.

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.

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