Zacks Investment Research upgraded shares of Dycom Industries Inc. (NYSE:DY) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The firm currently has $95.00 price target on the stock.

According to Zacks, “Dycom has a robust earnings surprise history, beating estimates thrice over the last four trailing quarters. Encouragingly, the company’s current year earnings estimates have moved north by 2.1% over the past couple of months. Rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services remain strong growth drivers for Dycom. Extensive deployment of 1-Gigabyte wireline networks and the ongoing Connect America Fund II project add to its prospects. Moreover, the company’s solid track record of contract wins, strong customer relationships and the ability to renew existing ones add to its strength. Also, Dycom’s solid backlog levels hint at better prospects, going forward. However, uncertainties in the macroeconomic environment, especially fluctuations in oil prices and unfavorable weather conditions, remain headwinds for the company.”

Several other equities research analysts have also issued reports on DY. Vetr lowered Dycom Industries from a hold rating to a sell rating and set a $90.92 price target for the company. in a report on Monday, August 8th. Wells Fargo & Co. reiterated a buy rating on shares of Dycom Industries in a report on Wednesday, September 28th. DA Davidson set a $110.00 price target on Dycom Industries and gave the company a buy rating in a report on Monday, August 22nd. Finally, FBR & Co lifted their price target on Dycom Industries from $115.00 to $121.00 and gave the company an outperform rating in a report on Thursday, August 25th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $98.57.

Analyst Recommendations for Dycom Industries (NYSE:DY)

Dycom Industries (NYSE:DY) traded down 0.20% during trading on Wednesday, hitting $84.63. The stock had a trading volume of 78,910 shares. The firm has a market cap of $2.66 billion, a PE ratio of 21.76 and a beta of 1.47. Dycom Industries has a 52 week low of $47.10 and a 52 week high of $98.45. The company’s 50-day moving average is $83.70 and its 200 day moving average is $80.90.

Dycom Industries (NYSE:DY) last announced its quarterly earnings data on Tuesday, August 23rd. The company reported $1.64 EPS for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.09. Dycom Industries had a return on equity of 27.39% and a net margin of 4.82%. The firm earned $789.16 million during the quarter, compared to analyst estimates of $770.66 million. During the same period last year, the company posted $0.97 EPS. The business’s quarterly revenue was up 36.4% compared to the same quarter last year. Equities analysts expect that Dycom Industries will post $5.37 EPS for the current fiscal year.

In other Dycom Industries news, COO Timothy R. Estes sold 10,000 shares of the business’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $96.03, for a total value of $960,300.00. Following the transaction, the chief operating officer now owns 233,812 shares of the company’s stock, valued at $22,452,966.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Richard B. Vilsoet sold 28,642 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $93.56, for a total value of $2,679,745.52. Following the completion of the transaction, the vice president now directly owns 49,307 shares in the company, valued at approximately $4,613,162.92. The disclosure for this sale can be found here. Insiders own 4.96% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the company. Glenmede Trust Co. NA raised its position in shares of Dycom Industries by 0.5% in the first quarter. Glenmede Trust Co. NA now owns 7,778 shares of the company’s stock valued at $501,000 after buying an additional 40 shares during the period. M&T Bank Corp raised its position in shares of Dycom Industries by 1.0% in the first quarter. M&T Bank Corp now owns 4,351 shares of the company’s stock valued at $281,000 after buying an additional 41 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Dycom Industries by 0.5% in the second quarter. Thrivent Financial for Lutherans now owns 15,100 shares of the company’s stock valued at $1,355,000 after buying an additional 70 shares during the period. BOKF NA raised its position in shares of Dycom Industries by 1.6% in the second quarter. BOKF NA now owns 5,230 shares of the company’s stock valued at $469,000 after buying an additional 84 shares during the period. Finally, First Washington CORP raised its position in shares of Dycom Industries by 0.5% in the second quarter. First Washington CORP now owns 44,600 shares of the company’s stock valued at $4,003,000 after buying an additional 200 shares during the period.

About Dycom Industries

Dycom Industries, Inc is a provider of specialty contracting services throughout the United States and in Canada. The Company, through its subsidiaries, provides engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities.

5 Day Chart for NYSE:DY

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