Dycom Industries, Inc. (NYSE:DY) Sees Large Growth in Short Interest

Dycom Industries, Inc. (NYSE:DY) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,740,000 shares, an increase of 29.9% from the December 15th total of 1,340,000 shares. Based on an average daily trading volume, of 439,300 shares, the short-interest ratio is currently 4.0 days. Currently, 6.2% of the shares of the company are short sold.

Insider Buying and Selling at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer M. Fritzsche sold 430 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total value of $74,437.30. Following the sale, the director now owns 8,873 shares of the company’s stock, valued at $1,536,005.03. This represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. 4.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Transform Wealth LLC acquired a new stake in shares of Dycom Industries during the fourth quarter worth about $479,000. ARS Investment Partners LLC acquired a new stake in shares of Dycom Industries in the fourth quarter worth $11,935,000. Hennessy Advisors Inc. purchased a new position in shares of Dycom Industries during the fourth quarter worth $50,234,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in Dycom Industries by 41.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,528 shares of the construction company’s stock valued at $788,000 after purchasing an additional 1,328 shares during the period. Finally, Park Avenue Securities LLC purchased a new stake in Dycom Industries in the fourth quarter valued at $371,000. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Stock Up 0.3 %

Shares of Dycom Industries stock traded up $0.61 on Friday, reaching $190.54. The stock had a trading volume of 408,348 shares, compared to its average volume of 385,641. 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 stock has a market capitalization of $5.56 billion, a P/E ratio of 25.07, a P/E/G ratio of 1.63 and a beta of 1.43. The company has a 50 day moving average price of $181.84 and a 200 day moving average price of $182.50. Dycom Industries has a 1 year low of $109.87 and a 1 year high of $207.20.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. KeyCorp lifted their price objective on shares of Dycom Industries from $227.00 to $229.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 8th. Wells Fargo & Company boosted their price objective on Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, DA Davidson reiterated a “buy” rating and issued a $210.00 target price on shares of Dycom Industries in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $206.38.

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.