Shares of Dycom Industries, Inc. (NYSE:DY - Get Free Report) were 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. Approximately 229,028 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 410,251 shares. The stock had previously closed at $193.62.
The construction company reported $2.09 EPS for the quarter, beating 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 firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm earned $2.12 earnings per share. The firm's revenue was up 10.2% compared to the same quarter last year.
Dycom Industries announced that its board has authorized a stock buyback plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.
Analyst Ratings Changes
Several research analysts recently issued reports on DY shares. Wells Fargo & Company lifted their price objective on Dycom Industries from $200.00 to $215.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. KeyCorp decreased their price target on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. UBS Group upped their target price on shares of Dycom Industries from $234.00 to $258.00 and gave the company a "buy" rating in a research note on Thursday. DA Davidson raised their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday. Finally, B. Riley increased their price objective on shares of Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a report on Friday. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $236.88.
Get Our Latest Stock Report on Dycom Industries
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of Dycom Industries by 3.2% in the first quarter. Millennium Management LLC now owns 1,481,394 shares of the construction company's stock worth $225,676,000 after purchasing an additional 45,562 shares during the period. Hill City Capital LP grew its holdings in Dycom Industries by 14.1% in the 1st quarter. Hill City Capital LP now owns 969,784 shares of the construction company's stock valued at $147,737,000 after buying an additional 120,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in Dycom Industries by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company's stock valued at $114,765,000 after buying an additional 8,307 shares during the last quarter. First Trust Advisors LP increased its position in Dycom Industries by 142.9% in the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock worth $86,405,000 after buying an additional 292,050 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of 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 buying an additional 425,652 shares during the last quarter. Institutional investors own 98.33% of the company's stock.
Dycom Industries Stock Up 0.8%
The firm has a 50-day moving average price of $168.44 and a two-hundred day moving average price of $174.80. The company has a market capitalization of $6.50 billion, a P/E ratio of 29.73, a PEG ratio of 1.29 and a beta of 1.27. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.
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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