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

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on DY. UBS Group upped their price target on Dycom Industries from $234.00 to $258.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company upped their price target on Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wall Street Zen cut Dycom Industries from a "buy" rating to a "hold" rating in a report on Friday, May 30th. B. Riley upped their price target on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Raymond James upped their price target on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $241.25.

Dycom Industries Stock Performance

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 $7.03 billion, a PE ratio of 31.96, a PEG ratio of 1.29 and a beta of 1.32. The firm's 50-day simple moving average is $183.44 and its two-hundred day simple moving average is $177.85.

Dycom Industries (NYSE:DY - Get Free Report) last posted its quarterly earnings data 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. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the previous year, the company posted $2.12 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts expect that Dycom Industries, Inc. will post 7.13 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio purchased a new position in shares of Dycom Industries during the 1st quarter valued at $366,000. Intech Investment Management LLC boosted its holdings in Dycom Industries by 163.4% in the first quarter. Intech Investment Management LLC now owns 35,257 shares of the construction company's stock worth $5,371,000 after purchasing an additional 21,871 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Dycom Industries by 7.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 69,726 shares of the construction company's stock worth $10,622,000 after purchasing an additional 4,985 shares in the last quarter. Optimize Financial Inc bought a new stake in Dycom Industries in the first quarter worth $219,000. Finally, United Services Automobile Association bought a new stake in Dycom Industries in the first quarter worth $299,000. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

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.