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

Dycom Industries, Inc. (NYSE:DY) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 1,980,000 shares, an increase of 15.8% from the January 15th total of 1,710,000 shares. Approximately 7.1% of the shares of the stock are sold short. Based on an average daily volume of 472,800 shares, the days-to-cover ratio is presently 4.2 days.

Insider Buying and Selling

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the 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 completion of the transaction, the director now directly owns 14,533 shares in the company, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jennifer M. Fritzsche sold 430 shares of the business’s 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 in the company, valued at approximately $1,536,005.03. This trade represents a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Sherbrooke Park Advisers LLC purchased a new position in Dycom Industries during the fourth quarter worth about $304,000. SIR Capital Management L.P. bought a new position in shares of Dycom Industries during the 4th quarter worth approximately $3,616,000. Point72 Asset Management L.P. lifted its position in shares of Dycom Industries by 261.6% during the 4th quarter. Point72 Asset Management L.P. now owns 224,277 shares of the construction company’s stock worth $39,038,000 after buying an additional 162,262 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Dycom Industries by 44.3% in the 4th quarter. ProShare Advisors LLC now owns 8,573 shares of the construction company’s stock worth $1,492,000 after buying an additional 2,633 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Dycom Industries by 5.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 218,023 shares of the construction company’s stock valued at $37,949,000 after acquiring an additional 11,359 shares in the last quarter. Institutional investors own 98.33% of the company’s stock.

Dycom Industries Stock Down 4.1 %

Shares of DY traded down $7.53 on Monday, reaching $177.89. The company’s stock had a trading volume of 391,600 shares, compared to its average volume of 386,208. The stock has a market capitalization of $5.19 billion, a PE ratio of 23.41, a PEG ratio of 1.51 and a beta of 1.42. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries has a twelve month low of $112.50 and a twelve month high of $207.20. The firm has a fifty day moving average of $182.85 and a 200-day moving average of $184.56.

Wall Street Analysts Forecast Growth

DY has been the topic of a number of recent research reports. KeyCorp lifted their price target on shares of Dycom Industries from $227.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, January 8th. Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. DA Davidson reiterated a “buy” rating and set a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their target price on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Dycom Industries currently has a consensus rating of “Buy” and a consensus target price of $208.88.

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.