Bank of America Corp DE Purchases New Stake in Dycom Industries, Inc. $DY

Key Points

• Bank of America acquired 534,374 Dycom shares valued at approximately $270.2 million, representing about 1.78% of the company. Institutional investors and hedge funds collectively own 98.33% of Dycom’s stock.
• Dycom exceeded quarterly expectations, reporting $5.29 in EPS versus the $4.72 consensus and $2.01 billion in revenue, up 45.6% year over year. The board also authorized a $150 million share-repurchase program.
• Analysts remain broadly positive, with 11 Buy ratings and one Hold rating and a consensus price target of $502.42. However, several firms recently reduced their targets, including UBS to $525 and JPMorgan to $570.

Bank of America Corp DE acquired a new position in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 534,374 shares of the construction company's stock, valued at approximately $270,174,000. Bank of America Corp DE owned about 1.78% of Dycom Industries at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Dycom Industries in the second quarter valued at approximately $1,513,523,000. Hill City Capital LP acquired a new position in shares of Dycom Industries during the 2nd quarter worth about $510,536,693. First Trust Advisors LP grew its position in shares of Dycom Industries by 27.8% during the 1st quarter. First Trust Advisors LP now owns 798,699 shares of the construction company's stock worth $270,615,000 after buying an additional 173,528 shares during the period. Geode Capital Management LLC increased its stake in shares of Dycom Industries by 8.0% in the 4th quarter. Geode Capital Management LLC now owns 727,238 shares of the construction company's stock valued at $245,771,000 after acquiring an additional 53,993 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Dycom Industries by 19.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 396,240 shares of the construction company's stock valued at $134,254,000 after acquiring an additional 65,724 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. B. Riley Financial lifted their price objective on shares of Dycom Industries from $485.00 to $625.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. UBS Group lowered their target price on shares of Dycom Industries from $611.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, August 27th. Zacks Research lowered shares of Dycom Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Wells Fargo & Company set a $476.00 price target on shares of Dycom Industries in a research report on Thursday, August 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Dycom Industries from $650.00 to $570.00 and set an "overweight" rating for the company in a report on Thursday, August 27th. Eleven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Dycom Industries currently has an average rating of "Moderate Buy" and a consensus price target of $502.42.

Dycom Industries Price Performance

Shares of NYSE DY opened at $287.41 on Thursday. The firm has a market cap of $8.67 billion, a PE ratio of 26.15, a PEG ratio of 0.49 and a beta of 1.49. The company has a current ratio of 2.35, a quick ratio of 2.24 and a debt-to-equity ratio of 1.35. Dycom Industries, Inc. has a 1-year low of $254.90 and a 1-year high of $566.47. The company has a fifty day moving average price of $373.82 and a 200 day moving average price of $401.95.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The construction company reported $5.29 EPS for the quarter, beating analysts' consensus estimates of $4.72 by $0.57. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.98 billion. Dycom Industries had a return on equity of 25.30% and a net margin of 4.79%.The company's quarterly revenue was up 45.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.33 earnings per share. Dycom Industries has set its Q3 2027 guidance at 4.330-4.790 EPS. Research analysts predict that Dycom Industries, Inc. will post 15.63 earnings per share for the current fiscal year.

Dycom Industries announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Dycom Industries

In related news, Director David Fallon purchased 700 shares of Dycom Industries stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average cost of $286.92 per share, with a total value of $200,844.00. Following the completion of the transaction, the director owned 1,043 shares of the company's stock, valued at approximately $299,257.56. This trade represents a 204.08% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.22% of the company's stock.

Dycom Industries Company Profile

Dycom Industries, Inc is a specialty contractor that provides infrastructure construction and maintenance services for the telecommunications and utility industries. The company supports the expansion, upgrade and upkeep of communications networks, including fiber-optic, broadband, wireless and other voice and data systems.

Its services include engineering and design, aerial and underground construction, fiber and cable installation, wireless infrastructure deployment, network maintenance, utility locating, vegetation management and emergency restoration.

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