Dycom Industries (NYSE:DY) Downgraded by Wall Street Zen to Hold

Key Points

• Dycom Industries has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, amid various price target adjustments from multiple analysts.
• Despite the downgrade, analysts remain generally positive about Dycom, with an average rating of "Buy" and a consensus price target of $259.00.
• In its latest earnings report, Dycom Industries exceeded analyst expectations, reporting a revenue increase of 10.2% year-over-year, with earnings per share (EPS) of $2.09 compared to the expected $1.62.

Wall Street Zen lowered shares of Dycom Industries (NYSE:DY - Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Other research analysts also recently issued research reports about the stock. UBS Group raised their target price on shares of Dycom Industries from $258.00 to $288.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. B. Riley lifted their price objective on shares of Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Raymond James Financial lifted their price objective on shares of Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $259.00.

Dycom Industries Stock Down 1.3%

Shares of NYSE:DY traded down $3.73 during midday trading on Friday, reaching $275.41. 288,031 shares of the company were exchanged, compared to its average volume of 430,464. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $279.41. The company has a quick ratio of 2.68, a current ratio of 2.89 and a debt-to-equity ratio of 0.80. The stock has a fifty day simple moving average of $249.42 and a two-hundred day simple moving average of $199.69. The firm has a market cap of $7.97 billion, a PE ratio of 34.91, a P/E/G ratio of 1.59 and a beta of 1.34.

Dycom Industries (NYSE:DY - Get Free Report) last released its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. The business 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 4.81% and a return on equity of 20.04%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.12 earnings per share. As a group, sell-side analysts forecast that Dycom Industries will post 7.13 earnings per share for the current year.

Institutional Trading of Dycom Industries

A number of hedge funds have recently modified their holdings of the stock. Semanteon Capital Management LP acquired a new stake in shares of Dycom Industries during the 2nd quarter worth about $1,529,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Dycom Industries by 240.4% during the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 10,790 shares of the construction company's stock worth $2,637,000 after buying an additional 7,620 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Dycom Industries by 94.8% during the 2nd quarter. Intech Investment Management LLC now owns 68,689 shares of the construction company's stock worth $16,787,000 after buying an additional 33,432 shares during the last quarter. Creative Planning lifted its stake in shares of Dycom Industries by 88.7% during the 2nd quarter. Creative Planning now owns 12,195 shares of the construction company's stock worth $2,980,000 after buying an additional 5,731 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Dycom Industries by 5.8% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,389 shares of the construction company's stock worth $1,806,000 after buying an additional 407 shares during the last quarter. Institutional investors and hedge funds 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.