Dycom Industries (NYSE:DY) Hits New 52-Week High - Here's Why

Key Points

• Dycom Industries shares hit a new 52-week high, reaching $279.47 after an increase in trading volume, suggesting strong investor interest.
• Analysts remain bullish on Dycom Industries, with multiple firms raising their price targets, leading to a consensus rating of "Buy" and a target price of $259.00.
• The company reported better-than-expected earnings with a net margin of 4.81% and revenue growth of 10.2%, signaling solid financial performance in its last quarter.

Dycom Industries, Inc. (NYSE:DY - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $279.46 and last traded at $279.47, with a volume of 205793 shares traded. The stock had previously closed at $274.84.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DY shares. Zacks Research raised shares of Dycom Industries to a "hold" rating in a report on Monday, August 11th. UBS Group lifted their target price on shares of Dycom Industries from $258.00 to $288.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. KeyCorp boosted their price objective on shares of Dycom Industries from $255.00 to $295.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. DA Davidson boosted their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, B. Riley lifted their target price on shares of Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $259.00.

Dycom Industries Stock Down 0.2%

The company has a debt-to-equity ratio of 0.80, a current ratio of 2.89 and a quick ratio of 2.68. The company's 50-day simple moving average is $253.10 and its 200 day simple moving average is $202.69. The firm has a market cap of $7.73 billion, a P/E ratio of 33.90, a price-to-earnings-growth ratio of 1.54 and a beta of 1.34.

Dycom Industries (NYSE:DY - Get Free Report) last announced its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share 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 business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the firm posted $2.12 earnings per share. The business's revenue for the quarter was up 10.2% on a year-over-year basis. Research analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

Institutional Trading of Dycom Industries

A number of institutional investors have recently modified their holdings of the company. Public Sector Pension Investment Board boosted its holdings in shares of Dycom Industries by 6.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 98,096 shares of the construction company's stock valued at $23,974,000 after buying an additional 5,529 shares in the last quarter. FORA Capital LLC bought a new stake in shares of Dycom Industries in the 2nd quarter valued at about $1,077,000. Evergreen Capital Management LLC boosted its holdings in shares of Dycom Industries by 17.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 1,542 shares of the construction company's stock valued at $377,000 after buying an additional 227 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Dycom Industries in the 2nd quarter valued at about $175,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Dycom Industries by 244.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,650 shares of the construction company's stock valued at $648,000 after buying an additional 1,880 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors.

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.