Analysts Set Dycom Industries, Inc. (NYSE:DY) Target Price at $241.25

Dycom Industries, Inc. (NYSE:DY) has been assigned an average rating of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $241.25.

DY has been the topic of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Dycom Industries from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. DA Davidson upped their target price on shares of Dycom Industries from $220.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Raymond James upped their target price on shares of Dycom Industries from $215.00 to $255.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 22nd. B. Riley upped their target price on shares of Dycom Industries from $200.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Finally, JPMorgan Chase & Co. upped their price target on shares of Dycom Industries from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, May 22nd.

Dycom Industries Trading Up 2.2%

Shares of Dycom Industries stock opened at $242.91 on Wednesday. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The company’s 50-day simple moving average is $183.44 and its 200-day simple moving average is $177.82. Dycom Industries has a 52-week low of $131.37 and a 52-week high of $243.06. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 31.96, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32.

Dycom Industries (NYSE:DY) last issued its earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.47. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the business posted $2.12 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Dycom Industries will post 7.13 earnings per share for the current year.

Dycom Industries announced that its Board of Directors has initiated 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 buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Dycom Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc purchased a new position in shares of Dycom Industries during the first quarter valued at approximately $28,000. AlphaQuest LLC purchased a new position in shares of Dycom Industries during the first quarter valued at approximately $37,000. EverSource Wealth Advisors LLC lifted its stake in shares of Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after buying an additional 71 shares during the period. GeoWealth Management LLC lifted its stake in shares of Dycom Industries by 35.9% during the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock valued at $61,000 after buying an additional 92 shares during the period. Finally, Anchor Investment Management LLC lifted its stake in shares of Dycom Industries by 37.5% during the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock valued at $64,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 98.33% of the company’s stock.

About Dycom Industries

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.