Dycom Industries (NYSE:DY) Reaches New 1-Year High – Time to Buy?

Dycom Industries, Inc. (NYSE:DY) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $205.00 and last traded at $205.00, with a volume of 30999 shares trading hands. The stock had previously closed at $198.33.

Analysts Set New Price Targets

DY has been the subject of several recent research reports. KeyCorp upped their price target on shares of Dycom Industries from $200.00 to $227.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Bank of America raised their price target on shares of Dycom Industries from $198.00 to $204.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. B. Riley boosted their price objective on Dycom Industries from $205.00 to $208.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on Dycom Industries from $185.00 to $200.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, StockNews.com downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Dycom Industries presently has a consensus rating of “Buy” and an average price target of $203.43.

Dycom Industries Stock Performance

The firm’s 50-day simple moving average is $186.76 and its two-hundred day simple moving average is $172.22. The stock has a market capitalization of $5.70 billion, a PE ratio of 25.27, a PEG ratio of 1.57 and a beta of 1.41. The company has a current ratio of 3.44, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81.

Dycom Industries (NYSE:DY) last announced its quarterly earnings data on Wednesday, August 21st. The construction company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.20. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $2.03 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts expect that Dycom Industries, Inc. will post 8.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Dycom Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its position in shares of Dycom Industries by 2,353.9% in the second quarter. Assenagon Asset Management S.A. now owns 158,988 shares of the construction company’s stock worth $26,831,000 after buying an additional 152,509 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Dycom Industries by 2,543.6% during the second quarter. Renaissance Technologies LLC now owns 103,100 shares of the construction company’s stock valued at $17,399,000 after purchasing an additional 99,200 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Dycom Industries in the third quarter valued at approximately $19,424,000. Millennium Management LLC grew its stake in Dycom Industries by 6.3% in the 2nd quarter. Millennium Management LLC now owns 1,631,453 shares of the construction company’s stock valued at $275,324,000 after buying an additional 96,846 shares during the last quarter. Finally, Appian Way Asset Management LP boosted its holdings in Dycom Industries by 84.2% during the first quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock valued at $28,328,000 after acquiring an additional 90,198 shares during the period. 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.