Invesco Ltd. Reduces Holdings in Dycom Industries, Inc. $DY

Key Points

• Invesco Ltd. has reduced its holdings in Dycom Industries by 30.5%, now owning approximately 0.74% of the company's stock, valued at $32.3 million.
• Several large investors, including GeoWealth Management LLC and Federated Hermes Inc., have increased their positions in Dycom Industries, reflecting continued institutional interest.
• Wall Street analysts have increased their target prices for Dycom Industries, with JPMorgan raising it from $200 to $250, and the general consensus rating for the stock is a "Moderate Buy."

Invesco Ltd. decreased its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 30.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 212,236 shares of the construction company's stock after selling 93,084 shares during the period. Invesco Ltd. owned approximately 0.74% of Dycom Industries worth $32,332,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of DY. GeoWealth Management LLC boosted its position in Dycom Industries by 35.9% in the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock valued at $61,000 after buying an additional 92 shares during the last quarter. Federated Hermes Inc. boosted its position in Dycom Industries by 27.1% in the first quarter. Federated Hermes Inc. now owns 492 shares of the construction company's stock valued at $75,000 after buying an additional 105 shares during the last quarter. Xponance Inc. boosted its position in Dycom Industries by 5.7% in the first quarter. Xponance Inc. now owns 2,163 shares of the construction company's stock valued at $330,000 after buying an additional 116 shares during the last quarter. Brevan Howard Capital Management LP boosted its position in Dycom Industries by 2.9% in the fourth quarter. Brevan Howard Capital Management LP now owns 5,026 shares of the construction company's stock valued at $875,000 after buying an additional 140 shares during the last quarter. Finally, Versant Capital Management Inc purchased a new stake in Dycom Industries in the first quarter valued at approximately $28,000. Hedge funds and other institutional investors own 98.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DY. JPMorgan Chase & Co. upped their target price on Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Raymond James Financial upped their target price on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research report on Thursday, May 22nd. Wall Street Zen lowered Dycom Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. UBS Group upped their price objective on Dycom Industries from $258.00 to $288.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Finally, DA Davidson upped their price objective on Dycom Industries from $220.00 to $265.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $264.63.

Dycom Industries Trading Up 1.4%

Dycom Industries stock opened at $273.11 on Tuesday. The company has a current ratio of 2.89, a quick ratio of 2.68 and a debt-to-equity ratio of 0.80. Dycom Industries, Inc. has a 12 month low of $131.37 and a 12 month high of $285.64. The stock's 50 day simple moving average is $253.79 and its two-hundred day simple moving average is $203.38. The firm has a market cap of $7.90 billion, a PE ratio of 34.61, a P/E/G ratio of 1.54 and a beta of 1.34.

Dycom Industries (NYSE:DY - Get Free Report) last announced its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.47. Dycom Industries had a return on equity of 20.04% and a net margin of 4.81%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the firm posted $2.12 EPS. The business's revenue was up 10.2% on a year-over-year basis. Analysts anticipate that Dycom Industries, Inc. will post 7.13 earnings per share for the current year.

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.

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