Short Interest in Dycom Industries, Inc. (NYSE:DY) Drops By 25.6%

Dycom Industries, Inc. (NYSE:DY) was the target of a large decrease in short interest in March. As of March 15th, there was short interest totalling 1,250,000 shares, a decrease of 25.6% from the February 28th total of 1,680,000 shares. Based on an average daily trading volume, of 528,400 shares, the short-interest ratio is currently 2.4 days. Currently, 4.5% of the shares of the stock are sold short.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. KeyCorp lowered their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. B. Riley lowered their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th. Finally, Raymond James boosted their price objective on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Price Performance

Shares of DY opened at $153.72 on Friday. 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 1 year low of $133.00 and a 1 year high of $207.20. The stock has a market cap of $4.45 billion, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. The stock’s 50-day moving average price is $171.10 and its two-hundred day moving average price is $180.32.

Dycom Industries announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the sale, the director now owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of DY. Legacy Investment Solutions LLC acquired a new stake in Dycom Industries in the third quarter worth $28,000. SOA Wealth Advisors LLC. acquired a new stake in Dycom Industries during the 3rd quarter worth $39,000. Westside Investment Management Inc. bought a new position in Dycom Industries during the third quarter worth about $41,000. Anchor Investment Management LLC grew its stake in Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after acquiring an additional 73 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after acquiring an additional 71 shares during the period. Institutional investors and hedge funds own 98.33% of the company’s stock.

About Dycom Industries

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.