OVERSEA CHINESE BANKING Corp Ltd Acquires 22,450 Shares of Dycom Industries, Inc. (NYSE:DY)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Dycom Industries, Inc. (NYSE:DY) by 81.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,985 shares of the construction company’s stock after acquiring an additional 22,450 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.17% of Dycom Industries worth $8,707,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Victory Capital Management Inc. boosted its position in shares of Dycom Industries by 61.6% during the third quarter. Victory Capital Management Inc. now owns 13,906 shares of the construction company’s stock valued at $2,741,000 after buying an additional 5,303 shares during the last quarter. KBC Group NV grew its position in Dycom Industries by 18.0% during the third quarter. KBC Group NV now owns 872 shares of the construction company’s stock valued at $172,000 after buying an additional 133 shares during the period. Whalen Wealth Management Inc. purchased a new stake in shares of Dycom Industries during the 3rd quarter worth approximately $773,000. Thompson Davis & CO. Inc. increased its position in Dycom Industries by 3.3% in the third quarter. Thompson Davis & CO. Inc. now owns 7,505 shares of the construction company’s stock worth $1,479,000 after buying an additional 240 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Dycom Industries in the 3rd quarter worth about $269,000. Institutional investors and hedge funds own 98.33% of the company’s stock.

Dycom Industries Price Performance

Dycom Industries stock opened at $156.26 on Wednesday. The business has a 50-day simple moving average of $175.08 and a 200 day simple moving average of $181.28. Dycom Industries, Inc. has a 52 week low of $133.00 and a 52 week high of $207.20. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 1.29 and a beta of 1.34. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.

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

Insider Transactions at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the sale, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.28% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on DY. DA Davidson reissued a “buy” rating and set a $210.00 target price on shares of Dycom Industries in a report on Tuesday, November 19th. Raymond James boosted their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, 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. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $205.38.

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.