Envestnet Asset Management Inc. Sells 1,436 Shares of Dycom Industries, Inc. (NYSE:DY)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Dycom Industries by 7.2%, resulting in ownership of 18,392 shares valued at approximately $2.8 million.
• Dycom Industries reported earnings of $2.09 per share, exceeding analysts' expectations of $1.62, with revenues of $1.26 billion representing a 10.2% year-over-year increase.
• Multiple analysts have upgraded their price targets for Dycom Industries, with DA Davidson raising its target from $220 to $265 and UBS increasing it from $258 to $288, indicating strong buy ratings across the board.

Envestnet Asset Management Inc. lessened its position in Dycom Industries, Inc. (NYSE:DY - Free Report) by 7.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,392 shares of the construction company's stock after selling 1,436 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of Dycom Industries worth $2,802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of DY. American Century Companies Inc. boosted its holdings in shares of Dycom Industries by 108.1% during the 4th quarter. American Century Companies Inc. now owns 35,575 shares of the construction company's stock worth $6,192,000 after buying an additional 18,476 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Dycom Industries during the 4th quarter worth about $1,079,000. LPL Financial LLC boosted its holdings in shares of Dycom Industries by 15.1% during the 4th quarter. LPL Financial LLC now owns 10,113 shares of the construction company's stock worth $1,760,000 after buying an additional 1,326 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Dycom Industries by 119.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company's stock worth $30,734,000 after buying an additional 96,252 shares during the period. Finally, Norges Bank bought a new stake in shares of Dycom Industries during the 4th quarter worth about $55,802,000. Institutional investors own 98.33% of the company's stock.

Analyst Ratings Changes

DY has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Dycom Industries from $200.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. KeyCorp lifted their target price on shares of Dycom Industries from $255.00 to $295.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. DA Davidson lifted their target price on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Wall Street Zen raised shares of Dycom Industries from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. 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 MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $259.00.

Dycom Industries Stock Performance

NYSE DY traded down $1.49 during trading on Thursday, reaching $267.00. The company's stock had a trading volume of 37,216 shares, compared to its average volume of 437,849. The firm has a 50 day moving average price of $242.53 and a 200 day moving average price of $195.10. Dycom Industries, Inc. has a 12 month low of $131.37 and a 12 month high of $271.80. The company has a current ratio of 2.89, a quick ratio of 2.68 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $7.72 billion, a price-to-earnings ratio of 33.82, a price-to-earnings-growth ratio of 1.53 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.47. Dycom Industries had a net margin of 4.81% and a return on equity of 20.04%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the firm posted $2.12 EPS. The firm's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

About Dycom Industries

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.