Dycom Industries, Inc. (NYSE:DY) Stake Raised by Wells Fargo & Company MN

Wells Fargo & Company MN lifted its stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 9.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 141,486 shares of the construction company's stock after buying an additional 12,529 shares during the quarter. Wells Fargo & Company MN owned 0.48% of Dycom Industries worth $24,627,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DY. Norges Bank bought a new position in Dycom Industries during the 4th quarter valued at $55,802,000. Hennessy Advisors Inc. acquired a new stake in shares of Dycom Industries in the 4th quarter valued at about $50,234,000. JPMorgan Chase & Co. lifted its position in shares of Dycom Industries by 119.8% during the fourth quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company's stock worth $30,734,000 after purchasing an additional 96,252 shares during the last quarter. Reaves W H & Co. Inc. grew its stake in Dycom Industries by 232.1% in the fourth quarter. Reaves W H & Co. Inc. now owns 117,429 shares of the construction company's stock worth $20,440,000 after purchasing an additional 82,071 shares in the last quarter. Finally, ARS Investment Partners LLC bought a new stake in Dycom Industries in the fourth quarter valued at about $11,935,000. Hedge funds and other institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Performance

NYSE:DY traded up $2.62 during mid-day trading on Friday, hitting $154.94. The stock had a trading volume of 440,434 shares, compared to its average volume of 394,586. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The company has a 50 day simple moving average of $158.31 and a 200-day simple moving average of $175.91. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 20.39, a P/E/G ratio of 1.29 and a beta of 1.36. Dycom Industries, Inc. has a 52 week low of $131.37 and a 52 week high of $207.20.

Dycom Industries announced that its board has approved a stock repurchase plan on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DY. Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, February 4th. Wells Fargo & Company lowered their target price on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. B. Riley reduced their price target on shares of Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Finally, KeyCorp lowered their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating for the company in a research report on Wednesday. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Dycom Industries currently has a consensus rating of "Buy" and a consensus price target of $200.25.

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.