Dycom Industries (NYSE:DY) Sets New 52-Week High - Here's What Happened

Shares of Dycom Industries, Inc. (NYSE:DY - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $243.38 and last traded at $238.41, with a volume of 414271 shares changing hands. The stock had previously closed at $243.02.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on DY shares. Wall Street Zen lowered Dycom Industries from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company raised their target price on Dycom Industries from $215.00 to $250.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. B. Riley lifted their price objective on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Raymond James boosted their target price on Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, KeyCorp decreased their price objective on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $241.25.

Dycom Industries Stock Down 1.2%

The company has a market capitalization of $6.73 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 1.29 and a beta of 1.32. The firm has a 50-day moving average price of $192.46 and a two-hundred day moving average price of $179.74. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

Dycom Industries (NYSE:DY - Get Free Report) last issued its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.47. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the company earned $2.12 earnings per share. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate 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 share buyback program on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

A number of institutional investors have recently modified their holdings of the business. Alyeska Investment Group L.P. bought a new stake in Dycom Industries during the fourth quarter worth about $80,584,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Dycom Industries by 851.6% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company's stock worth $72,459,000 after acquiring an additional 425,652 shares in the last quarter. Norges Bank acquired a new position in shares of Dycom Industries in the fourth quarter valued at approximately $55,802,000. Assenagon Asset Management S.A. increased its stake in shares of Dycom Industries by 327.1% in the first quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company's stock valued at $60,818,000 after buying an additional 305,755 shares during the period. Finally, First Trust Advisors LP increased its position in Dycom Industries by 142.9% during the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after purchasing an additional 292,050 shares during the period. Institutional investors 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.