Dycom Industries, Inc. (DY) Shares Gap Down Following Analyst Downgrade
Shares of Dycom Industries, Inc. (NYSE:DY) gapped down before the market opened on Thursday after Canaccord Genuity lowered their price target on the stock from $120.00 to $110.00. The stock had previously closed at $78.12, but opened at $76.07. Canaccord Genuity currently has a buy rating on the stock. Dycom Industries shares last traded at $79.61, with a volume of 818,528 shares traded.
DY has been the topic of a number of other reports. BidaskClub downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Zacks Investment Research downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Craig Hallum reiterated a “buy” rating and issued a $90.00 target price (down from $115.00) on shares of Dycom Industries in a report on Thursday. They noted that the move was a valuation call. FBR & Co reiterated an “outperform” rating on shares of Dycom Industries in a report on Monday, June 19th. Finally, KeyCorp upgraded shares of Dycom Industries from a “sector weight” rating to an “overweight” rating and set a $87.00 target price on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $105.94.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DY. State Board of Administration of Florida Retirement System increased its position in Dycom Industries by 1.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 20,850 shares of the construction company’s stock valued at $1,938,000 after buying an additional 230 shares during the period. 361 Capital LLC purchased a new position in Dycom Industries during the first quarter valued at $823,000. Eqis Capital Management Inc. increased its position in Dycom Industries by 5.4% in the first quarter. Eqis Capital Management Inc. now owns 8,935 shares of the construction company’s stock valued at $831,000 after buying an additional 454 shares during the period. State Treasurer State of Michigan increased its position in Dycom Industries by 1.6% in the first quarter. State Treasurer State of Michigan now owns 12,800 shares of the construction company’s stock valued at $1,190,000 after buying an additional 200 shares during the period. Finally, Great West Life Assurance Co. Can increased its position in Dycom Industries by 2.9% in the first quarter. Great West Life Assurance Co. Can now owns 18,348 shares of the construction company’s stock valued at $1,705,000 after buying an additional 514 shares during the period.
The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 15.767 and a beta of 1.18. The firm has a 50-day moving average of $85.96 and a 200-day moving average of $91.66. Dycom Industries also saw unusually large options trading on Tuesday. Traders acquired 10,219 call options on the company. This is an increase of approximately 940% compared to the typical volume of 983 call options.
Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, August 30th. The construction company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. Dycom Industries had a return on equity of 28.96% and a net margin of 5.30%. The company had revenue of $780.20 million during the quarter, compared to the consensus estimate of $798.62 million. During the same quarter last year, the firm earned $1.64 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Dycom Industries, Inc. will post $4.98 EPS for the current year.
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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.
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