Dycom Industries (NYSE:DY) Reaches New 12-Month High Following Better-Than-Expected Earnings

Dycom Industries, Inc. (NYSE:DY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $228.66 and last traded at $224.01, with a volume of 1282172 shares changing hands. The stock had previously closed at $193.62.

The construction company reported $2.09 EPS for the quarter, beating the consensus estimate of $1.62 by $0.47. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.12 earnings per share.

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

Wall Street Analyst Weigh In

Several research firms have commented on DY. Wells Fargo & Company upped their price objective on shares of Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday. Raymond James increased their price target on shares of Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a report on Thursday, May 22nd. KeyCorp lowered their price target on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. B. Riley increased their price target on shares of Dycom Industries from $200.00 to $265.00 and gave the stock a "buy" rating in a report on Friday. Finally, DA Davidson increased their price target on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday. One investment 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 stock has a consensus rating of "Buy" and a consensus target price of $241.25.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc bought a new position in shares of Dycom Industries in the first quarter worth approximately $28,000. AlphaQuest LLC bought a new position in shares of Dycom Industries in the first quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its position in shares of Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after purchasing an additional 71 shares during the last quarter. GeoWealth Management LLC increased its position in shares of Dycom Industries by 35.9% in the fourth 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 last quarter. Finally, Anchor Investment Management LLC increased its position in shares of Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock worth $64,000 after purchasing an additional 100 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors.

Dycom Industries Price Performance

The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The business's 50-day simple moving average is $171.17 and its 200 day simple moving average is $175.42. The firm has a market capitalization of $6.56 billion, a P/E ratio of 30.00, a PEG ratio of 1.29 and a beta of 1.27.

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.