Dycom Industries, Inc. (NYSE:DY - Get Free Report) shot up 16.3% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $224.77 and last traded at $225.16. 229,028 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 410,251 shares. The stock had previously closed at $193.62.
The construction company reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.47. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The business's revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.12 earnings per share.
Dycom Industries announced that its Board of Directors has approved a share repurchase plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the company. Raymond James increased their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research report on Tuesday, February 4th. Wells Fargo & Company increased their price objective on Dycom Industries from $200.00 to $215.00 and gave the company an "overweight" rating in a research report on Monday. KeyCorp cut their price objective on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. B. Riley cut their price objective on Dycom Industries from $234.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. assumed coverage on Dycom Industries in a research report on Monday, April 21st. They set an "overweight" rating and a $200.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Dycom Industries currently has an average rating of "Buy" and an average target price of $201.89.
View Our Latest Analysis on Dycom Industries
Institutional Investors Weigh In On Dycom Industries
A number of hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC boosted its holdings in Dycom Industries by 163.4% during the first quarter. Intech Investment Management LLC now owns 35,257 shares of the construction company's stock valued at $5,371,000 after acquiring an additional 21,871 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Dycom Industries by 7.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 69,726 shares of the construction company's stock valued at $10,622,000 after acquiring an additional 4,985 shares during the period. Optimize Financial Inc bought a new stake in Dycom Industries during the first quarter valued at about $219,000. United Services Automobile Association bought a new stake in Dycom Industries during the first quarter valued at about $299,000. Finally, Arete Wealth Advisors LLC boosted its holdings in Dycom Industries by 16.2% during the first quarter. Arete Wealth Advisors LLC now owns 1,400 shares of the construction company's stock valued at $213,000 after acquiring an additional 195 shares during the period. 98.33% of the stock is currently owned by institutional investors.
Dycom Industries Trading Up 15.8%
The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The company's 50 day moving average is $164.35 and its two-hundred day moving average is $173.88. The firm has a market cap of $6.45 billion, a P/E ratio of 29.61, a PEG ratio of 1.29 and a beta of 1.27.
Dycom Industries Company Profile
(
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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.
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