Dycom Industries (NYSE:DY) Hits New 12-Month Low - Here's What Happened

Shares of Dycom Industries, Inc. (NYSE:DY - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $162.30 and last traded at $167.45, with a volume of 296986 shares changing hands. The stock had previously closed at $167.74.

Analyst Ratings Changes

DY has been the topic of several research analyst reports. KeyCorp cut their target price on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company cut their target price on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. JPMorgan Chase & Co. began coverage on shares of Dycom Industries in a report on Monday, April 21st. They set an "overweight" rating and a $200.00 price objective for the company. B. Riley dropped their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Finally, Raymond James raised their price target on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Tuesday, February 4th. One investment 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 MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $200.22.

Dycom Industries Trading Up 0.4 %

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 firm has a market cap of $5.29 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.29 and a beta of 1.27. The stock has a 50 day simple moving average of $155.61 and a 200-day simple moving average of $173.55.

Dycom Industries declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Dycom Industries

Several institutional investors have recently made changes to their positions in DY. Versant Capital Management Inc bought a new stake in Dycom Industries during the first quarter valued at about $28,000. EverSource Wealth Advisors LLC raised its position in Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after buying an additional 71 shares during the last quarter. GeoWealth Management LLC grew its position in Dycom Industries by 35.9% during the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock worth $61,000 after purchasing an additional 92 shares during the period. Anchor Investment Management LLC boosted its position in Dycom Industries by 37.5% in the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock worth $64,000 after purchasing an additional 100 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Dycom Industries by 107.0% during the fourth quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock valued at $67,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors 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.