JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Dycom Industries (NYSE:DY) Stock

Dycom Industries (NYSE:DY - Free Report) had its target price upped by JPMorgan Chase & Co. from $200.00 to $250.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the construction company's stock.

A number of other research analysts also recently weighed in on DY. KeyCorp decreased their price target on 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 dropped their target price on shares of Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Wells Fargo & Company upped their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the company an "overweight" rating in a report on Monday, May 19th. UBS Group upped their target price on Dycom Industries from $234.00 to $258.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Finally, Raymond James raised their price target 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. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Dycom Industries presently has an average rating of "Buy" and a consensus price target of $241.25.

Dycom Industries Stock Up 1.0%

Shares of NYSE DY traded up $2.34 during midday trading on Thursday, reaching $227.54. The company's stock had a trading volume of 232,533 shares, compared to its average volume of 495,414. The stock has a 50 day simple moving average of $169.80 and a 200-day simple moving average of $175.05. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $6.55 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 1.29 and a beta of 1.27. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $228.66.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating 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 net margin of 4.91% and a return on equity of 20.99%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.12 EPS. Equities research analysts predict that Dycom Industries will post 7.13 earnings per share for the current year.

Dycom Industries announced that its Board of Directors has authorized a share buyback plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Dycom Industries

Institutional investors have recently modified their holdings of the business. Millennium Management LLC grew its position in Dycom Industries by 3.2% in the first quarter. Millennium Management LLC now owns 1,481,394 shares of the construction company's stock valued at $225,676,000 after acquiring an additional 45,562 shares during the last quarter. Hill City Capital LP boosted its stake in shares of Dycom Industries by 14.1% in the 1st quarter. Hill City Capital LP now owns 969,784 shares of the construction company's stock valued at $147,737,000 after purchasing an additional 120,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Dycom Industries by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company's stock valued at $114,765,000 after purchasing an additional 8,307 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Dycom Industries by 142.9% during the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after purchasing an additional 292,050 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its position in Dycom Industries by 851.6% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company's stock worth $72,459,000 after purchasing an additional 425,652 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.