Assenagon Asset Management S.A. Purchases 305,755 Shares of Dycom Industries, Inc. (NYSE:DY)

Assenagon Asset Management S.A. lifted its position in Dycom Industries, Inc. (NYSE:DY - Free Report) by 327.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,226 shares of the construction company's stock after acquiring an additional 305,755 shares during the period. Assenagon Asset Management S.A. owned approximately 1.38% of Dycom Industries worth $60,818,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc bought a new position in shares of Dycom Industries during the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its stake 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 acquiring an additional 71 shares in the last quarter. GeoWealth Management LLC grew its stake in shares of Dycom Industries by 35.9% during the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock worth $61,000 after acquiring an additional 92 shares in the last quarter. Anchor Investment Management LLC grew its stake in shares of Dycom Industries by 37.5% during the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock worth $64,000 after acquiring an additional 100 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Dycom Industries by 107.0% during the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock worth $67,000 after acquiring an additional 200 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Raymond James raised their target price on shares of Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research note on Thursday, May 22nd. UBS Group raised 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, May 22nd. Finally, DA Davidson raised 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. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $241.25.

Dycom Industries Price Performance

Shares of NYSE DY traded down $2.85 during mid-day trading on Friday, reaching $232.69. The company had a trading volume of 295,547 shares, compared to its average volume of 420,022. 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, Inc. has a one year low of $131.37 and a one year high of $243.38. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 1.29 and a beta of 1.32. The business's 50-day simple moving average is $192.46 and its 200 day simple moving average is $179.74.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the previous year, the business posted $2.12 earnings per share. The business's revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts predict that Dycom Industries, Inc. will post 7.13 earnings per share for the current fiscal year.

Dycom Industries announced that its board has authorized a stock buyback 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 repurchase up to 3.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Dycom Industries 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.