Dycom Industries, Inc. (NYSE:DY) Shares Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. has reduced its stake in Dycom Industries by 2.6%, holding approximately $8.93 million worth of shares, which is about 0.20% of the company's total stock.
• Analyst upgrades have raised the target price for Dycom Industries significantly, with ratings moving from "hold" to "buy" and price targets now ranging up to $288.
• Dycom Industries reported a robust quarterly earnings performance, with EPS of $2.09 surpassing estimates and a year-over-year revenue growth of 10.2%.

Pinnacle Associates Ltd. lowered its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,648 shares of the construction company's stock after selling 1,588 shares during the period. Pinnacle Associates Ltd. owned approximately 0.20% of Dycom Industries worth $8,934,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Dycom Industries in the first quarter worth approximately $483,000. Y Intercept Hong Kong Ltd lifted its stake in shares of Dycom Industries by 15.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 4,822 shares of the construction company's stock worth $735,000 after buying an additional 643 shares in the last quarter. Guidance Capital Inc. lifted its stake in shares of Dycom Industries by 18.9% in the first quarter. Guidance Capital Inc. now owns 2,861 shares of the construction company's stock worth $436,000 after buying an additional 455 shares in the last quarter. Archer Investment Corp bought a new position in shares of Dycom Industries in the first quarter worth approximately $99,000. Finally, Bailard Inc. bought a new position in shares of Dycom Industries in the first quarter worth approximately $518,000. Institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Performance

Shares of DY traded down $2.74 during trading hours on Monday, hitting $261.95. The stock had a trading volume of 39,583 shares, compared to its average volume of 441,644. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.68 and a current ratio of 2.89. The firm has a 50-day moving average price of $239.55 and a 200 day moving average price of $193.97. Dycom Industries, Inc. has a fifty-two week low of $131.37 and a fifty-two week high of $267.33. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 33.23, a PEG ratio of 1.51 and a beta of 1.32.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 EPS for the quarter, topping the consensus estimate of $1.62 by $0.47. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. Dycom Industries had a net margin of 4.81% and a return on equity of 20.04%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.12 EPS. As a group, research analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. B. Riley boosted 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, May 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. DA Davidson boosted their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Wells Fargo & Company boosted their price objective on shares of Dycom Industries from $215.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Finally, UBS Group boosted their price objective on shares of Dycom Industries from $258.00 to $288.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $259.00.

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.