SIR Capital Management L.P. Purchases New Holdings in Dycom Industries, Inc. (NYSE:DY)

SIR Capital Management L.P. bought a new stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 20,777 shares of the construction company's stock, valued at approximately $3,616,000. SIR Capital Management L.P. owned about 0.07% of Dycom Industries as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of DY. Alyeska Investment Group L.P. bought a new position in shares of Dycom Industries in the 4th quarter worth $80,584,000. Norges Bank acquired a new position in shares of Dycom Industries in the fourth quarter valued at about $55,802,000. First Trust Advisors LP boosted its stake in shares of Dycom Industries by 142.9% in the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock worth $86,405,000 after buying an additional 292,050 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Dycom Industries in the fourth quarter worth about $50,234,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of Dycom Industries by 261.6% in the fourth quarter. Point72 Asset Management L.P. now owns 224,277 shares of the construction company's stock worth $39,038,000 after buying an additional 162,262 shares during the last quarter. Institutional investors own 98.33% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. B. Riley lowered their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Wells Fargo & Company increased their target price on Dycom Industries from $200.00 to $215.00 and gave the company an "overweight" rating in a report on Monday. JPMorgan Chase & Co. assumed coverage on Dycom Industries in a report on Monday, April 21st. They set an "overweight" rating and a $200.00 target price for the company. Raymond James increased their target price on Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a report on Tuesday, February 4th. Finally, KeyCorp reduced their target price on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $201.89.

Dycom Industries Stock Down 1.8%

Shares of NYSE DY traded down $3.57 during midday trading on Monday, hitting $191.26. 568,938 shares of the company's stock were exchanged, compared to its average volume of 408,032. The company has a market cap of $5.50 billion, a PE ratio of 25.17, a P/E/G ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a twelve month low of $131.37 and a twelve month high of $207.20. 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's fifty day simple moving average is $163.44 and its 200-day simple moving average is $173.75.

Dycom Industries declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership 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.