Price T Rowe Associates Inc. MD Acquires 53,027 Shares of Dycom Industries, Inc. (NYSE:DY)

Price T Rowe Associates Inc. MD increased its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 55.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,879 shares of the construction company's stock after purchasing an additional 53,027 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.51% of Dycom Industries worth $25,915,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. SOA Wealth Advisors LLC. bought a new stake in Dycom Industries during the third quarter worth $39,000. Westside Investment Management Inc. bought a new stake in shares of Dycom Industries in the 3rd quarter valued at about $41,000. Anchor Investment Management LLC lifted its stake in Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock valued at $53,000 after purchasing an additional 73 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after purchasing an additional 71 shares during the period. Finally, GeoWealth Management LLC increased its position in Dycom Industries by 35.9% during the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company's stock worth $61,000 after buying an additional 92 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Price Performance

Dycom Industries stock traded up $7.47 during mid-day trading on Friday, reaching $180.53. 488,289 shares of the company were exchanged, compared to its average volume of 404,433. The firm has a market cap of $5.20 billion, a PE ratio of 23.75, a PEG ratio of 1.29 and a beta of 1.36. 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 company has a fifty day simple moving average of $155.18 and a 200-day simple moving average of $173.81. Dycom Industries, Inc. has a 12 month low of $131.37 and a 12 month high of $207.20.

Dycom Industries announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.