Dycom Industries (NYSE:DY) Hits New 1-Year High - Here's Why

Shares of Dycom Industries, Inc. (NYSE:DY - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $251.43 and last traded at $249.80, with a volume of 17616 shares traded. The stock had previously closed at $247.19.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Dycom Industries from $200.00 to $250.00 and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Raymond James Financial increased their price objective on shares of Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a research note on Thursday, May 22nd. Wells Fargo & Company increased their price objective on shares of Dycom Industries from $215.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. DA Davidson increased their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Wall Street Zen upgraded shares of Dycom Industries from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $241.25.

Dycom Industries Stock Up 1.3%

The firm's 50 day simple moving average is $217.99 and its 200 day simple moving average is $185.76. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 1.43 and a beta of 1.32. The company has a quick ratio of 2.68, a current ratio of 2.89 and a debt-to-equity ratio of 0.80.

Dycom Industries (NYSE:DY - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 EPS for the quarter, beating the consensus estimate of $1.62 by $0.47. Dycom Industries had a net margin of 4.81% and a return on equity of 20.04%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the business earned $2.12 earnings per share. Dycom Industries's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DY. Versant Capital Management Inc acquired a new position in shares of Dycom Industries during the first quarter valued at approximately $28,000. AlphaQuest LLC acquired a new position in shares of Dycom Industries during the first quarter valued at approximately $37,000. EverSource Wealth Advisors LLC increased its stake in shares of Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock valued at $59,000 after acquiring an additional 71 shares during the period. GeoWealth Management LLC increased its stake in shares of Dycom Industries by 35.9% during 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 during the period. Finally, Anchor Investment Management LLC increased its stake in shares of Dycom Industries by 37.5% during 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 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.