Zacks Investment Research upgraded shares of Dycom Industries Inc. (NYSE:DY) from a sell rating to a hold rating in a research report report published on Thursday morning.

According to Zacks, “Dycom reported strong first-quarter fiscal 2017 results, aided by stellar top-line growth and favorable industry trends.  The bottom line beat the Zacks Consensus Estimate by 1.2% and surged 35% year-over-year. Rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services proved beneficial for the company. Extensive deployment of 1-Gigabyte wireline networks and the ongoing Connect America Fund II project remain strong growth drivers for Dycom. However, rapid technological and structural changes in the telecommunication industry remain concerns for the company. Also, seasonality will likely be a significant headwind in the upcoming quarter.  In fact, Dycom has reduced its outlook for the operations of Goodman Networks, as the activity levels have been below expectations.Consequently, Dycom has reduced its contract backlog by about $211 million.”

A number of other equities research analysts have also issued reports on the stock. FBR & Co cut their price target on shares of Dycom Industries from $121.00 to $115.00 and set an outperform rating on the stock in a report on Tuesday. DA Davidson restated a buy rating and set a $105.00 price target on shares of Dycom Industries in a report on Tuesday. Wells Fargo & Co. restated a buy rating on shares of Dycom Industries in a report on Wednesday, September 28th. Vetr upgraded shares of Dycom Industries from a hold rating to a strong-buy rating and set a $110.54 price target on the stock in a report on Thursday, September 8th. Finally, Stifel Nicolaus restated a buy rating on shares of Dycom Industries in a report on Sunday, August 28th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $97.19.

Dycom Industries (NYSE:DY) opened at 77.52 on Thursday. The company’s 50 day moving average is $82.92 and its 200 day moving average is $84.88. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 16.99 and a beta of 1.32. Dycom Industries has a 12-month low of $47.10 and a 12-month high of $98.45.

Dycom Industries (NYSE:DY) last released its earnings results on Monday, November 21st. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.65 by $0.02. Dycom Industries had a net margin of 5.30% and a return on equity of 29.59%. The business earned $799.20 million during the quarter, compared to analyst estimates of $801.34 million. During the same period in the prior year, the business earned $1.24 earnings per share. The business’s quarterly revenue was up 21.2% on a year-over-year basis. On average, equities analysts anticipate that Dycom Industries will post $5.22 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of DY. York Capital Management Global Advisors LLC bought a new stake in shares of Dycom Industries during the third quarter worth $80,013,000. Bank of Montreal Can bought a new stake in shares of Dycom Industries during the second quarter worth $18,977,000. Emerald Advisers Inc. PA bought a new stake in shares of Dycom Industries during the second quarter worth $18,414,000. Peconic Partners LLC increased its stake in shares of Dycom Industries by 10.4% in the third quarter. Peconic Partners LLC now owns 2,178,112 shares of the company’s stock worth $178,126,000 after buying an additional 204,845 shares during the period. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in shares of Dycom Industries during the second quarter worth $15,881,000. 99.44% of the stock is owned by institutional investors and hedge funds.

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Dycom Industries Company Profile

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

5 Day Chart for NYSE:DY

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