First Trust Advisors LP Has $86.41 Million Stake in Dycom Industries, Inc. (NYSE:DY)

First Trust Advisors LP lifted its stake in Dycom Industries, Inc. (NYSE:DY - Free Report) by 142.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 496,407 shares of the construction company's stock after acquiring an additional 292,050 shares during the period. First Trust Advisors LP owned 1.70% of Dycom Industries worth $86,405,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB bought a new position in Dycom Industries in the 4th quarter worth approximately $1,171,000. JPMorgan Chase & Co. grew its stake in shares of Dycom Industries by 65.8% in the third quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company's stock worth $15,831,000 after acquiring an additional 31,864 shares during the last quarter. Principal Financial Group Inc. increased its position in Dycom Industries by 4.3% during the third quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company's stock worth $131,278,000 after acquiring an additional 27,370 shares during the period. Smartleaf Asset Management LLC raised its stake in Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company's stock valued at $68,000 after purchasing an additional 264 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in Dycom Industries in the 4th quarter valued at $50,234,000. 98.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DY has been the topic of several research reports. Wells Fargo & Company dropped their price objective on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. B. Riley cut their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, March 19th. Raymond James raised their price objective on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. initiated coverage on Dycom Industries in a research report on Monday, April 21st. They issued an "overweight" rating and a $200.00 price objective for the company. Finally, KeyCorp reduced their price objective on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $200.22.

Dycom Industries Price Performance

Shares of Dycom Industries stock traded up $0.78 during midday trading on Friday, hitting $165.25. 357,974 shares of the company were exchanged, compared to its average volume of 401,539. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The firm has a market cap of $4.76 billion, a P/E ratio of 21.74, a PEG ratio of 1.29 and a beta of 1.36. Dycom Industries, Inc. has a 52 week low of $131.37 and a 52 week high of $207.20. The firm has a 50 day simple moving average of $155.34 and a 200-day simple moving average of $174.39.

Dycom Industries announced that its board has authorized a share buyback plan on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.