Dycom Industries, Inc. (NYSE:DY) Short Interest Down 25.6% in March

Dycom Industries, Inc. (NYSE:DY) saw a significant decrease in short interest during the month of 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. Currently, 4.5% of the company’s shares are sold short. Based on an average daily trading volume, of 528,400 shares, the days-to-cover ratio is presently 2.4 days.

Dycom Industries Stock Down 0.7 %

DY stock traded down $1.05 during mid-day trading on Monday, reaching $152.84. The company had a trading volume of 400,090 shares, compared to its average volume of 380,904. The firm has a fifty day simple moving average of $170.35 and a 200 day simple moving average of $180.07. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. Dycom Industries has a fifty-two week low of $133.00 and a fifty-two week high of $207.20.

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 reacquire up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on DY shares. Raymond James lifted 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. KeyCorp dropped their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Finally, B. Riley reduced their price target on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $204.38.

Insider Buying and Selling at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 4.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in Dycom Industries during the 3rd quarter worth about $28,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Dycom Industries during the 3rd quarter worth about $39,000. Westside Investment Management Inc. purchased a new stake in Dycom Industries during the third quarter worth approximately $41,000. Anchor Investment Management LLC boosted its holdings 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 purchasing an additional 73 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased 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 purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

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.