Bank of America Raises Dycom Industries (NYSE:DY) Price Target to $204.00

Dycom Industries (NYSE:DY) had its target price increased by research analysts at Bank of America from $198.00 to $204.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Bank of America‘s price target points to a potential upside of 16.11% from the company’s previous close.

DY has been the subject of several other reports. Wells Fargo & Company boosted their price objective on shares of Dycom Industries from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. KeyCorp boosted their target price on shares of Dycom Industries from $195.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday. Raymond James boosted their target price on shares of Dycom Industries from $143.00 to $195.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 23rd. StockNews.com downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Finally, Craig Hallum boosted their target price on shares of Dycom Industries from $145.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $199.57.

Dycom Industries Trading Down 2.1 %

Shares of DY opened at $175.69 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.17 and a quick ratio of 2.97. The firm has a 50 day simple moving average of $176.26 and a 200-day simple moving average of $154.87. Dycom Industries has a 1-year low of $78.42 and a 1-year high of $196.34. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.91 and a beta of 1.45.

Dycom Industries (NYSE:DY) last released its earnings results on Wednesday, August 21st. The construction company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.26 by $0.20. Dycom Industries had a net margin of 5.38% and a return on equity of 22.15%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the previous year, the company earned $2.03 EPS. Dycom Industries’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts forecast that Dycom Industries will post 8.02 EPS for the current fiscal year.

Insider Activity at Dycom Industries

In related news, VP Jason T. Lawson sold 856 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $174.48, for a total transaction of $149,354.88. Following the completion of the sale, the vice president now owns 6,937 shares of the company’s stock, valued at approximately $1,210,367.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DY. Norges Bank bought a new position in Dycom Industries in the 4th quarter worth about $33,679,000. Assenagon Asset Management S.A. lifted its stake in shares of Dycom Industries by 2,353.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 158,988 shares of the construction company’s stock worth $26,831,000 after acquiring an additional 152,509 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Dycom Industries by 2,543.6% in the 2nd quarter. Renaissance Technologies LLC now owns 103,100 shares of the construction company’s stock worth $17,399,000 after acquiring an additional 99,200 shares during the period. Millennium Management LLC lifted its stake in shares of Dycom Industries by 6.3% in the 2nd quarter. Millennium Management LLC now owns 1,631,453 shares of the construction company’s stock worth $275,324,000 after acquiring an additional 96,846 shares during the period. Finally, Appian Way Asset Management LP lifted its stake in shares of Dycom Industries by 84.2% in the 1st quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock worth $28,328,000 after acquiring an additional 90,198 shares during the period. Institutional investors own 98.33% of the company’s stock.

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.