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

Dycom Industries (NYSE:DY) had its price target decreased by equities research analysts at B. Riley from $234.00 to $200.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. B. Riley’s price target would suggest a potential upside of 27.01% from the company’s previous close.

DY has been the subject of several other reports. Raymond James raised their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. DA Davidson reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a report on Tuesday, November 19th. Finally, KeyCorp cut their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $204.38.

Dycom Industries Stock Performance

Shares of Dycom Industries stock traded up $1.54 on Wednesday, reaching $157.47. 68,225 shares of the company traded hands, compared to its average volume of 354,703. Dycom Industries has a 52 week low of $133.00 and a 52 week high of $207.20. The company has a 50 day moving average of $175.08 and a 200 day moving average of $181.28. The firm has a market capitalization of $4.56 billion, a PE ratio of 20.72, a PEG ratio of 1.29 and a beta of 1.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

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

Insider Activity

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries 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 transaction, the director now owns 14,533 shares in the company, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Large investors have recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its stake in shares of Dycom Industries by 46.5% during the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock valued at $3,988,000 after purchasing an additional 6,418 shares in the last quarter. Nordea Investment Management AB bought a new stake in shares of Dycom Industries during the 4th quarter valued at about $1,171,000. JPMorgan Chase & Co. boosted its stake in shares of Dycom Industries by 65.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock valued at $15,831,000 after purchasing an additional 31,864 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in 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 buying an additional 6,128 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Dycom Industries by 4.3% in the third quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after buying an additional 27,370 shares during the last quarter. 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.