Wells Fargo & Company Forecasts Strong Price Appreciation for Dycom Industries (NYSE:DY) Stock

Dycom Industries (NYSE:DY - Get Free Report) had its target price upped by stock analysts at Wells Fargo & Company from $215.00 to $250.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's target price would indicate a potential upside of 9.93% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. Raymond James lifted their price target on shares of Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a research note on Thursday, May 22nd. 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. KeyCorp dropped their target price on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. UBS Group boosted their price target on Dycom Industries from $234.00 to $258.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, DA Davidson increased their price target on Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. One equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $241.25.

Dycom Industries Stock Down 0.2%

Shares of NYSE:DY traded down $0.35 during midday trading on Tuesday, hitting $227.41. 328,376 shares of the company's stock traded hands, compared to its average volume of 415,173. The company has a market cap of $6.54 billion, a PE ratio of 29.92, a P/E/G 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 has a twelve month low of $131.37 and a twelve month high of $228.66. The firm's fifty day moving average price is $172.59 and its two-hundred day moving average price is $175.78.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.47. The company had revenue of $1.26 billion during 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%. Dycom Industries's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company earned $2.12 earnings per share. On average, equities research analysts anticipate that Dycom Industries will post 7.13 EPS for the current fiscal year.

Dycom Industries declared that its board has approved a share repurchase program on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to buy up to 3.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DY. Corient Private Wealth LLC boosted its holdings in shares of Dycom Industries by 0.8% in the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company's stock valued at $1,221,000 after buying an additional 55 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in Dycom Industries by 11.1% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company's stock valued at $98,000 after acquiring an additional 56 shares during the period. Arizona State Retirement System grew its holdings in shares of Dycom Industries by 0.8% during the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company's stock valued at $1,470,000 after purchasing an additional 70 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Dycom Industries by 26.3% during the 4th 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 period. Finally, Ironwood Investment Management LLC raised its position in shares of Dycom Industries by 0.6% during the 4th quarter. Ironwood Investment Management LLC now owns 14,795 shares of the construction company's stock worth $2,575,000 after purchasing an additional 89 shares during the period. 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.