Dycom Industries (NYSE:DY) Cut to "Hold" at Wall Street Zen

Dycom Industries (NYSE:DY - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

DY has been the subject of a number of other research reports. KeyCorp reduced their target price on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. lifted their price objective on Dycom Industries from $200.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. UBS Group boosted their price objective on shares of Dycom Industries from $234.00 to $258.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. DA Davidson boosted their target price on shares of Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Raymond James upped their price objective on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $241.25.

Dycom Industries Trading Down 0.6%

DY stock traded down $1.31 during midday trading on Friday, hitting $228.62. The company had a trading volume of 312,960 shares, compared to its average volume of 414,579. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 1.29 and a beta of 1.27. Dycom Industries has a 52 week low of $131.37 and a 52 week high of $230.57. 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's 50 day moving average price is $175.29 and its 200 day moving average price is $176.17.

Dycom Industries (NYSE:DY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.12 EPS. As a group, equities research analysts expect that Dycom Industries will post 7.13 earnings per share for the current fiscal year.

Dycom Industries announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new position in Dycom Industries in the fourth quarter valued at about $80,584,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Dycom Industries by 851.6% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company's stock worth $72,459,000 after buying an additional 425,652 shares during the last quarter. Norges Bank bought a new position in shares of Dycom Industries during the 4th quarter worth approximately $55,802,000. Assenagon Asset Management S.A. lifted its position in Dycom Industries by 327.1% during 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 acquiring an additional 305,755 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Dycom Industries by 142.9% during the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after acquiring an additional 292,050 shares during the last quarter. Hedge funds and other institutional investors own 98.33% of the company's stock.

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.