Dycom Industries (NYSE:DY) Given New $200.00 Price Target at B. Riley

Dycom Industries (NYSE:DY) had its price objective dropped by B. Riley from $234.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. B. Riley’s target price points to a potential upside of 27.01% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on DY. KeyCorp decreased their price target on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. DA Davidson reaffirmed a “buy” rating and set a $210.00 price target on shares of Dycom Industries in a research note on Tuesday, November 19th. Finally, Raymond James upped their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. One equities research 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 company. According to data from MarketBeat, Dycom Industries has an average rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Price Performance

Shares of NYSE:DY traded up $1.54 during midday trading on Wednesday, reaching $157.47. 68,225 shares of the company were exchanged, compared to its average volume of 354,703. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The business’s fifty day moving average is $175.08 and its two-hundred day moving average is $181.28. Dycom Industries has a one year low of $133.00 and a one year high of $207.20. The stock has a market cap of $4.56 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34.

Dycom Industries announced that its Board of Directors has authorized a stock buyback 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 buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction 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 sale, the director now owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in shares of Dycom Industries by 61.6% in the third quarter. Victory Capital Management Inc. now owns 13,906 shares of the construction company’s stock worth $2,741,000 after purchasing an additional 5,303 shares during the last quarter. KBC Group NV grew its holdings in shares of Dycom Industries by 18.0% in the third quarter. KBC Group NV now owns 872 shares of the construction company’s stock worth $172,000 after purchasing an additional 133 shares during the last quarter. Thompson Davis & CO. Inc. grew its holdings in shares of 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 purchasing an additional 240 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Dycom Industries in the third quarter worth about $269,000. Finally, Advisors Asset Management Inc. grew its holdings in shares of Dycom Industries by 19.3% in the third quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock worth $7,472,000 after purchasing an additional 6,128 shares during the last quarter. Hedge funds and other institutional investors 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.