Dycom Industries, Inc. (NYSE:DY) Short Interest Update

Dycom Industries, Inc. (NYSE:DY) saw a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 1,610,000 shares, a drop of 18.7% from the January 31st total of 1,980,000 shares. Currently, 5.7% of the shares of the company are sold short. Based on an average trading volume of 477,400 shares, the days-to-cover ratio is currently 3.4 days.

Analysts Set New Price Targets

DY has been the subject of several analyst reports. Raymond James raised their price objective on shares of 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 reissued a “buy” rating and set a $210.00 price objective on shares of Dycom Industries in a report on Tuesday, November 19th. KeyCorp reduced their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Finally, Wells Fargo & Company increased their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Dycom Industries has an average rating of “Buy” and an average price target of $205.38.

Insider Activity at Dycom Industries

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of DY. First Trust Direct Indexing L.P. purchased a new stake in Dycom Industries in the third quarter worth $214,000. Mariner Investment Group LLC purchased a new stake in Dycom Industries in the third quarter worth about $507,000. Asset Management One Co. Ltd. bought a new position in Dycom Industries in the third quarter worth $3,219,000. Radnor Capital Management LLC bought a new stake in Dycom Industries during the third quarter worth about $3,041,000. Finally, Principal Financial Group Inc. grew its stake in shares of Dycom Industries by 4.3% in the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after buying an additional 27,370 shares during the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Dycom Industries Price Performance

DY traded up $0.81 on Wednesday, reaching $153.86. The company had a trading volume of 1,322,861 shares, compared to its average volume of 343,350. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. Dycom Industries has a 52-week low of $128.40 and a 52-week high of $207.20. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 1.29 and a beta of 1.42. The business has a 50 day simple moving average of $180.76 and a 200 day simple moving average of $183.41.

Dycom Industries declared that its board has approved a stock buyback plan on Wednesday, February 26th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.