Public Sector Pension Investment Board Increases Holdings in Dycom Industries, Inc. (NYSE:DY)

Key Points

• The Public Sector Pension Investment Board has increased its stake in Dycom Industries by 27.7%, now holding 92,567 shares valued at approximately $14.1 million.
• Dycom Industries reported earnings of $2.09 per share, exceeding analysts' expectations, with revenue of $1.26 billion for the quarter, marking a 10.2% increase year-over-year.
• Analysts have varying ratings on Dycom, with one downgrading to "hold" and others increasing price targets, the consensus price target now at $259.00.

Public Sector Pension Investment Board raised its holdings in Dycom Industries, Inc. (NYSE:DY - Free Report) by 27.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,567 shares of the construction company's stock after acquiring an additional 20,101 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.32% of Dycom Industries worth $14,102,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of DY. Versant Capital Management Inc purchased a new stake in shares of Dycom Industries during the 1st quarter worth $28,000. GeoWealth Management LLC raised its stake 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. Anchor Investment Management LLC raised its stake in shares of Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company's stock worth $64,000 after purchasing an additional 100 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Dycom Industries by 107.0% in the fourth quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock worth $67,000 after purchasing an additional 200 shares during the last quarter. Finally, Archer Investment Corp purchased a new position in shares of Dycom Industries in the first quarter worth about $99,000. Institutional investors own 98.33% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Raymond James Financial raised 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. KeyCorp raised their price objective on Dycom Industries from $255.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. B. Riley raised their price objective on Dycom Industries from $200.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. DA Davidson raised their price objective on Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Zacks Research raised Dycom Industries to a "hold" rating in a report on Monday, August 11th. Two 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $259.00.

Dycom Industries Price Performance

Shares of NYSE:DY traded down $0.51 during trading on Friday, reaching $267.45. The stock had a trading volume of 524,248 shares, compared to its average volume of 301,217. 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 business has a fifty day moving average price of $253.10 and a 200-day moving average price of $202.55. The stock has a market cap of $7.73 billion, a PE ratio of 33.90, a PEG ratio of 1.53 and a beta of 1.34. Dycom Industries, Inc. has a 1-year low of $131.37 and a 1-year high of $285.64.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.47. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. Dycom Industries had a return on equity of 20.04% and a net margin of 4.81%. The business's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.12 earnings per share. On average, equities analysts forecast that Dycom Industries, Inc. will post 7.13 earnings per share for the current fiscal 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.