Dycom Industries (NYSE:DY) Shares Up 6.1% – What’s Next?

Dycom Industries, Inc. (NYSE:DY) shares were up 6.1% during mid-day trading on Wednesday . The stock traded as high as $199.61 and last traded at $199.43. Approximately 88,749 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 273,929 shares. The stock had previously closed at $187.99.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DY. B. Riley boosted their price objective on Dycom Industries from $205.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Wells Fargo & Company raised their price objective on shares of Dycom Industries from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. KeyCorp raised their target price on Dycom Industries from $200.00 to $227.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. StockNews.com lowered Dycom Industries from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Finally, Bank of America increased their price target on shares of Dycom Industries from $198.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $203.43.

Dycom Industries Stock Performance

The firm’s fifty day moving average price is $184.97 and its 200-day moving average price is $169.86. The company has a market cap of $5.79 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.57 and a beta of 1.41. The company has a current ratio of 3.44, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81.

Dycom Industries (NYSE:DY) last issued its quarterly earnings data on Wednesday, August 21st. The construction company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.20. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the business earned $2.03 earnings per share. The business’s revenue was up 15.5% on a year-over-year basis. As a group, research analysts forecast that Dycom Industries, Inc. will post 8.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Dycom Industries by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 3,196,041 shares of the construction company’s stock valued at $458,728,000 after buying an additional 12,395 shares during the period. Millennium Management LLC increased its holdings in shares of Dycom Industries by 6.3% in the second 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 in the last quarter. Bank of New York Mellon Corp raised its position in shares of Dycom Industries by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 230,216 shares of the construction company’s stock worth $38,851,000 after purchasing an additional 971 shares during the period. Appian Way Asset Management LP lifted its holdings in shares of Dycom Industries by 84.2% during the 1st quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock valued at $28,328,000 after purchasing an additional 90,198 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position 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 valued at $26,831,000 after purchasing an additional 152,509 shares during the period. Institutional investors and hedge funds 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.