StockNews.com Upgrades Dycom Industries (NYSE:DY) to Buy

StockNews.com upgraded shares of Dycom Industries (NYSE:DY) from a hold rating to a buy rating in a research report report published on Thursday morning.

DY has been the topic of several other reports. UBS Group upped their price target on Dycom Industries from $175.00 to $200.00 and gave the stock a buy rating in a research note on Thursday. Wells Fargo & Company upped their price target on Dycom Industries from $165.00 to $175.00 and gave the stock an overweight rating in a research note on Monday, May 20th. Craig Hallum upped their price target on Dycom Industries from $145.00 to $190.00 and gave the stock a buy rating in a research note on Thursday. Raymond James upped their price target on Dycom Industries from $143.00 to $195.00 and gave the stock a strong-buy rating in a research note on Thursday. Finally, KeyCorp upped their price target on Dycom Industries from $169.00 to $179.00 and gave the stock an overweight rating in a research note on Thursday. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $175.86.

Dycom Industries Price Performance

DY opened at $179.73 on Thursday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.85 and a current ratio of 3.17. Dycom Industries has a 52-week low of $78.42 and a 52-week high of $181.60. The stock has a market capitalization of $5.23 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 2.32 and a beta of 1.37. The stock’s 50 day moving average price is $144.46 and its 200-day moving average price is $123.63.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, May 22nd. The construction company reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.73. Dycom Industries had a return on equity of 22.15% and a net margin of 5.38%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the firm earned $1.73 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts predict that Dycom Industries will post 7.14 EPS for the current year.

Insiders Place Their Bets

In other Dycom Industries news, VP Jason T. Lawson sold 220 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $140.27, for a total value of $30,859.40. Following the sale, the vice president now directly owns 7,793 shares of the company’s stock, valued at $1,093,124.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DY. Allspring Global Investments Holdings LLC lifted its holdings in shares of Dycom Industries by 15.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 974 shares of the construction company’s stock valued at $87,000 after purchasing an additional 132 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Dycom Industries during the third quarter valued at $240,000. NBC Securities Inc. bought a new position in Dycom Industries in the third quarter valued at about $698,000. Victory Capital Management Inc. lifted its holdings in Dycom Industries by 17.0% in the third quarter. Victory Capital Management Inc. now owns 8,633 shares of the construction company’s stock valued at $768,000 after acquiring an additional 1,253 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Dycom Industries by 791.3% in the third quarter. Assenagon Asset Management S.A. now owns 117,864 shares of the construction company’s stock valued at $10,490,000 after acquiring an additional 104,640 shares during the period. 98.33% of the stock is owned by institutional investors.

Dycom Industries Company 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.