Dycom Industries (NYSE:DY) Sets New 12-Month High - Here's Why

Dycom Industries, Inc. (NYSE:DY - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $235.64 and last traded at $235.52, with a volume of 419151 shares trading hands. The stock had previously closed at $228.62.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Wall Street Zen lowered Dycom Industries from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. B. Riley raised their target price on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Wells Fargo & Company increased their price target on Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Finally, DA Davidson lifted 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. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $241.25.

Dycom Industries Stock Performance

The stock has a 50-day moving average of $179.98 and a 200-day moving average of $177.28. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of 31.26, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

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 20.99% and a net margin of 4.91%. 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, analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

Dycom Industries declared that its board has authorized a stock buyback program on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its holdings in shares of Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company's stock worth $68,000 after acquiring an additional 264 shares during the last quarter. Braun Stacey Associates Inc. increased its holdings in Dycom Industries by 110.7% in the 4th quarter. Braun Stacey Associates Inc. now owns 61,091 shares of the construction company's stock valued at $10,633,000 after buying an additional 32,098 shares during the period. J. Goldman & Co LP increased its holdings in Dycom Industries by 25.4% in the 4th quarter. J. Goldman & Co LP now owns 90,253 shares of the construction company's stock valued at $15,709,000 after buying an additional 18,289 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Dycom Industries by 4,021.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,202 shares of the construction company's stock worth $1,449,000 after buying an additional 8,003 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in shares of Dycom Industries by 8.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 4,190 shares of the construction company's stock worth $729,000 after buying an additional 324 shares during the last quarter. 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.