Dycom Industries (NYSE:DY) Price Target Raised to $475.00

Dycom Industries (NYSE:DY) had its target price hoisted by equities research analysts at Bank of America from $365.00 to $475.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Bank of America‘s price objective would suggest a potential upside of 10.81% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Dycom Industries in a research report on Wednesday, January 21st. B. Riley Financial upped their target price on Dycom Industries from $320.00 to $420.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Wells Fargo & Company increased their target price on Dycom Industries from $315.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, November 20th. KeyCorp reaffirmed an “overweight” rating on shares of Dycom Industries in a research note on Tuesday, January 27th. Finally, DA Davidson upped their price objective on shares of Dycom Industries from $300.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $406.20.

Dycom Industries Stock Performance

NYSE DY opened at $428.68 on Wednesday. The firm has a 50-day moving average price of $373.68 and a two-hundred day moving average price of $320.92. Dycom Industries has a 12-month low of $131.37 and a 12-month high of $445.52. The company has a market capitalization of $12.41 billion, a P/E ratio of 42.19, a P/E/G ratio of 1.85 and a beta of 1.36. The company has a quick ratio of 2.90, a current ratio of 3.09 and a debt-to-equity ratio of 0.62.

Insider Transactions at Dycom Industries

In related news, Director Eitan Gertel sold 3,645 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $345.62, for a total value of $1,259,784.90. Following the completion of the transaction, the director owned 15,997 shares of the company’s stock, valued at $5,528,883.14. This represents a 18.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DY. Leuthold Group LLC bought a new position in Dycom Industries in the 2nd quarter valued at approximately $3,762,000. Entropy Technologies LP grew its holdings in Dycom Industries by 378.1% during the 2nd quarter. Entropy Technologies LP now owns 7,826 shares of the construction company’s stock worth $1,913,000 after acquiring an additional 6,189 shares during the last quarter. Creative Planning increased its position in Dycom Industries by 88.7% in the 2nd quarter. Creative Planning now owns 12,195 shares of the construction company’s stock valued at $2,980,000 after acquiring an additional 5,731 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Dycom Industries by 7.8% during the second quarter. JPMorgan Chase & Co. now owns 131,312 shares of the construction company’s stock valued at $32,091,000 after acquiring an additional 9,531 shares during the last quarter. Finally, 12th Street Asset Management Company LLC lifted its holdings in shares of Dycom Industries by 48.9% during the third quarter. 12th Street Asset Management Company LLC now owns 67,238 shares of the construction company’s stock worth $19,617,000 after purchasing an additional 22,077 shares during the period. 98.33% of the stock is currently owned by institutional investors and hedge funds.

About Dycom Industries

Dycom Industries, Inc (NYSE: DY) is a leading provider of specialty contracting services to the telecommunications industry in North America. The company delivers engineering, construction, installation and maintenance solutions for communications infrastructure, supporting a broad range of network technologies and system architectures. Dycom’s services span outside plant construction, cable placement, fiber optic deployment, wireless and wireline network engineering, as well as testing and turn-up services for voice, data and video applications.

Dycom’s customer base includes major telecommunications carriers, cable operators, utility companies and competitive local exchange carriers.