Hennessy Advisors Inc. Lowers Position in Dycom Industries, Inc. (NYSE:DY)

Hennessy Advisors Inc. lessened its stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,900 shares of the construction company's stock after selling 25,700 shares during the period. Dycom Industries makes up about 1.3% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 21st largest holding. Hennessy Advisors Inc. owned 0.91% of Dycom Industries worth $40,050,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in Dycom Industries during the 1st quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its position in Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock valued at $59,000 after buying an additional 71 shares in the last quarter. GeoWealth Management LLC increased its position in Dycom Industries by 35.9% during the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock valued at $61,000 after buying an additional 92 shares in the last quarter. Anchor Investment Management LLC increased its holdings in shares of Dycom Industries by 37.5% in the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock worth $64,000 after purchasing an additional 100 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Dycom Industries by 107.0% in the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock worth $67,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 98.33% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on DY shares. B. Riley lifted their target price on Dycom Industries from $200.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. UBS Group lifted their target price on Dycom Industries from $234.00 to $258.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Raymond James lifted their target price on Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. lifted their target price on Dycom Industries from $200.00 to $250.00 and gave the stock an "overweight" rating in a report on Thursday, May 22nd. Finally, Wall Street Zen raised Dycom Industries from a "hold" rating to a "buy" rating in a report on Saturday. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $241.25.

Dycom Industries Stock Performance

Shares of DY traded down $2.85 during trading hours on Friday, hitting $232.69. The stock had a trading volume of 295,547 shares, compared to its average volume of 421,025. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. Dycom Industries, Inc. has a 12 month low of $131.37 and a 12 month high of $243.38. The firm has a market capitalization of $6.73 billion, a PE ratio of 30.62, a PEG ratio of 1.29 and a beta of 1.32. The stock has a fifty day moving average price of $192.46 and a 200 day moving average price of $179.73.

Dycom Industries (NYSE:DY - Get Free Report) last issued its quarterly earnings data 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 return on equity of 20.99% and a net margin of 4.91%. Dycom Industries's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 earnings per share. Analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Dycom Industries declared that its board has authorized a stock buyback plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.

Dycom Industries Company 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.