Short Interest in Dycom Industries, Inc. (NYSE:DY) Decreases By 25.6%

Dycom Industries, Inc. (NYSE:DY) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 1,250,000 shares, a decline of 25.6% from the February 28th total of 1,680,000 shares. Based on an average daily trading volume, of 528,400 shares, the short-interest ratio is currently 2.4 days. Currently, 4.5% of the shares of the company are short sold.

Dycom Industries Price Performance

Shares of NYSE:DY traded down $1.05 during midday trading on Monday, hitting $152.84. The company’s stock had a trading volume of 400,090 shares, compared to its average volume of 380,904. Dycom Industries has a 12-month low of $133.00 and a 12-month high of $207.20. The company has a market cap of $4.43 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. 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 business’s 50 day simple moving average is $170.35 and its 200 day simple moving average is $180.07.

Dycom Industries announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the sale, the director now directly owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Dycom Industries during the third quarter worth about $269,000. Citigroup Inc. increased its holdings in shares of Dycom Industries by 79.6% during the 3rd quarter. Citigroup Inc. now owns 38,289 shares of the construction company’s stock worth $7,547,000 after buying an additional 16,966 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Dycom Industries by 3.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 20,521 shares of the construction company’s stock valued at $4,045,000 after buying an additional 614 shares during the period. FMR LLC lifted its holdings in Dycom Industries by 2.4% in the third quarter. FMR LLC now owns 772,666 shares of the construction company’s stock valued at $152,292,000 after acquiring an additional 17,862 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in Dycom Industries by 4.6% in the third quarter. Captrust Financial Advisors now owns 2,137 shares of the construction company’s stock worth $421,000 after acquiring an additional 94 shares during the period. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on DY shares. B. Riley dropped 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 note on Wednesday, March 19th. Raymond James boosted their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, KeyCorp reduced their price target on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Dycom Industries currently has an average rating of “Buy” and an average target price of $204.38.

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.