Point72 Asset Management L.P. Has $39.04 Million Holdings in Dycom Industries, Inc. (NYSE:DY)

Point72 Asset Management L.P. increased its holdings in Dycom Industries, Inc. (NYSE:DY - Free Report) by 261.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,277 shares of the construction company's stock after purchasing an additional 162,262 shares during the quarter. Point72 Asset Management L.P. owned 0.77% of Dycom Industries worth $39,038,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DY. EverSource Wealth Advisors LLC grew its holdings in shares of Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after acquiring an additional 71 shares during the last quarter. GeoWealth Management LLC grew its holdings in shares of Dycom Industries by 35.9% in the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock worth $61,000 after acquiring an additional 92 shares during the last quarter. Anchor Investment Management LLC grew 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 acquiring an additional 100 shares during the last quarter. Federated Hermes Inc. grew 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 acquiring an additional 200 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Dycom Industries by 34.7% in the 4th quarter. First Horizon Advisors Inc. now owns 392 shares of the construction company's stock worth $68,000 after acquiring an additional 101 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DY has been the subject of several recent analyst reports. UBS Group raised their target price on Dycom Industries from $234.00 to $258.00 and gave the stock a "buy" rating in a research report on Thursday. B. Riley decreased their target price on Dycom Industries from $234.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, March 19th. JPMorgan Chase & Co. raised their target price on Dycom Industries from $200.00 to $250.00 and gave the stock an "overweight" rating in a research report on Thursday. Raymond James raised their target price on Dycom Industries from $215.00 to $255.00 and gave the stock a "strong-buy" rating in a research report on Thursday. Finally, KeyCorp lowered their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $218.33.

Dycom Industries Stock Down 0.9%

DY traded down $1.97 during trading on Thursday, reaching $222.16. 124,065 shares of the stock traded hands, compared to its average volume of 413,118. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a fifty-two week low of $131.37 and a fifty-two week high of $228.66. 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 stock's 50-day simple moving average is $165.72 and its two-hundred day simple moving average is $174.23.

Dycom Industries (NYSE:DY - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.19 billion. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.12 earnings per share. As a group, equities research analysts expect that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Dycom Industries announced that its board has initiated a share repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

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.