Wells Fargo & Company Forecasts Strong Price Appreciation for Dycom Industries (NYSE:DY) Stock

Key Points

• Wells Fargo & Company raised its price target for Dycom Industries from $250.00 to $295.00, indicating an potential upside of 8.22% from the previous close.
• Analysts have varying opinions on Dycom Industries, with two holding a hold rating, seven giving a buy rating, and one assigning a strong buy rating, resulting in a consensus rating of "Moderate Buy."
• Dycom reported a quarterly earnings per share of $2.09, surpassing analysts' expectations and reflecting a year-over-year revenue increase of 10.2%.

Dycom Industries (NYSE:DY - Get Free Report) had its price objective lifted by research analysts at Wells Fargo & Company from $250.00 to $295.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's target price would indicate a potential upside of 8.22% from the company's previous close.

Several other analysts also recently issued reports on DY. Raymond James Financial upped their price objective on Dycom Industries from $215.00 to $255.00 and gave the company a "strong-buy" rating in a research report on Thursday, May 22nd. DA Davidson upped their price objective on shares of Dycom Industries from $220.00 to $265.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. KeyCorp lifted their target price on shares of Dycom Industries from $255.00 to $295.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wall Street Zen lowered Dycom Industries from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Dycom Industries from $200.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Dycom Industries currently has a consensus rating of "Moderate Buy" and an average price target of $264.63.

Dycom Industries Price Performance

Shares of NYSE:DY traded up $3.23 during midday trading on Monday, hitting $272.59. The company had a trading volume of 29,375 shares, compared to its average volume of 430,440. The business's 50-day simple moving average is $253.10 and its 200-day simple moving average is $202.79. Dycom Industries has a twelve month low of $131.37 and a twelve month high of $285.64. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.89 and a quick ratio of 2.68. The stock has a market cap of $7.88 billion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 1.54 and a beta of 1.34.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Peconic Partners LLC raised its position in shares of Dycom Industries by 2.8% during the second quarter. Peconic Partners LLC now owns 3,817,825 shares of the construction company's stock valued at $933,038,000 after buying an additional 105,586 shares during the last quarter. Millennium Management LLC boosted its position in shares of Dycom Industries by 3.2% during the 1st quarter. Millennium Management LLC now owns 1,481,394 shares of the construction company's stock valued at $225,676,000 after acquiring an additional 45,562 shares during the last quarter. Hill City Capital LP increased its position in Dycom Industries by 14.1% in the first quarter. Hill City Capital LP now owns 969,784 shares of the construction company's stock worth $147,737,000 after purchasing an additional 120,000 shares during the last quarter. First Trust Advisors LP increased its position in 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 purchasing an additional 292,050 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in 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 valued at $72,459,000 after purchasing an additional 425,652 shares in the last quarter. Institutional investors own 98.33% of the company's stock.

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.

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