Dycom Industries, Inc. $DY Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments increased its Dycom Industries stake by 25.2% in the second quarter, bringing its holdings to 48,093 shares valued at approximately $24.3 million. Institutional investors collectively own 98.33% of the company.
• Dycom reported a strong quarter, with earnings of $5.29 per share beating estimates of $4.72 and revenue rising 45.6% year over year to $2.01 billion. The board also authorized a $150 million share-buyback program.
• Analyst sentiment remains favorable, with 11 Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $502.42, substantially above the reported $296 share price.

Tidal Investments LLC grew its position in Dycom Industries, Inc. (NYSE:DY - Free Report) by 25.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 48,093 shares of the construction company's stock after purchasing an additional 9,691 shares during the period. Tidal Investments LLC owned approximately 0.16% of Dycom Industries worth $24,315,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Dycom Industries in the fourth quarter worth $19,335,000. Royal Bank of Canada raised its stake in shares of Dycom Industries by 50.1% during the first quarter. Royal Bank of Canada now owns 22,327 shares of the construction company's stock valued at $7,566,000 after purchasing an additional 7,452 shares in the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Dycom Industries by 82,666.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 24,830 shares of the construction company's stock valued at $8,390,000 after purchasing an additional 24,800 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Dycom Industries in the fourth quarter worth about $1,693,000. Finally, Bank of America Corp DE lifted its holdings in Dycom Industries by 6.1% in the first quarter. Bank of America Corp DE now owns 445,830 shares of the construction company's stock worth $151,056,000 after purchasing an additional 25,564 shares during the period. Institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Performance

Shares of DY opened at $296.00 on Friday. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.35 and a quick ratio of 2.24. The firm's 50 day moving average is $384.69 and its 200-day moving average is $405.68. Dycom Industries, Inc. has a 12-month low of $250.82 and a 12-month high of $566.47. The stock has a market capitalization of $8.93 billion, a P/E ratio of 26.93, a P/E/G ratio of 0.51 and a beta of 1.49.

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

Dycom Industries declared that its board has authorized a share buyback plan on Wednesday, August 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Dycom Industries

In related news, Director David Fallon bought 700 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average cost of $286.92 per share, for a total transaction of $200,844.00. Following the acquisition, the director directly owned 1,043 shares of the company's stock, valued at $299,257.56. The trade was a 204.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.22% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on DY. Weiss Ratings cut shares of Dycom Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Guggenheim raised their price objective on shares of Dycom Industries from $575.00 to $620.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Wedbush set a $654.00 target price on Dycom Industries in a research report on Friday, May 29th. B. Riley Financial increased their price target on Dycom Industries from $485.00 to $625.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, KeyCorp lowered their price target on Dycom Industries from $610.00 to $423.00 and set an "overweight" rating on the stock in a research report on Thursday, August 27th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Dycom Industries has a consensus rating of "Moderate Buy" and a consensus price target of $502.42.

Dycom Industries 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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