Short Interest in Dycom Industries, Inc. (NYSE:DY) Declines By 26.3%

Dycom Industries, Inc. (NYSE:DY - Get Free Report) was the recipient of a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 595,500 shares, a decline of 26.3% from the May 15th total of 808,500 shares. Based on an average daily volume of 460,900 shares, the days-to-cover ratio is presently 1.3 days. Approximately 2.1% of the shares of the company are short sold.

Dycom Industries Stock Performance

Shares of NYSE:DY traded up $0.51 during trading on Thursday, hitting $232.34. 303,022 shares of the stock traded hands, compared to its average volume of 419,974. The company has a quick ratio of 2.68, a current ratio of 2.89 and a debt-to-equity ratio of 0.80. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 29.45, a P/E/G ratio of 1.33 and a beta of 1.32. The company has a fifty day moving average price of $198.98 and a two-hundred day moving average price of $181.15. Dycom Industries has a 52-week low of $131.37 and a 52-week high of $243.38.

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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. B. Riley increased their price target on shares of Dycom Industries from $200.00 to $265.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. KeyCorp dropped their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. UBS Group increased their price objective on shares of Dycom Industries from $234.00 to $258.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Wall Street Zen upgraded shares of Dycom Industries from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Finally, JPMorgan Chase & Co. upped their price target on shares of Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, May 22nd. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $241.25.

Hedge Funds Weigh In On Dycom Industries

A number of large investors have recently bought and sold shares of DY. Alyeska Investment Group L.P. purchased a new position in Dycom Industries during the fourth quarter valued at $80,584,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Dycom Industries by 851.6% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 475,637 shares of the construction company's stock worth $72,459,000 after purchasing an additional 425,652 shares in the last quarter. Norges Bank acquired a new position in shares of Dycom Industries during the 4th quarter worth about $55,802,000. Assenagon Asset Management S.A. lifted its stake in Dycom Industries by 327.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company's stock valued at $60,818,000 after buying an additional 305,755 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Dycom Industries by 142.9% in the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after buying an additional 292,050 shares in the last quarter. Institutional investors and hedge funds own 98.33% of the company's stock.

Dycom Industries Company 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.