B. Riley Upgrades Dycom Industries (NYSE:DY) to Strong-Buy

Dycom Industries (NYSE:DY) was upgraded by research analysts at B. Riley to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Raymond James increased their price target 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 cut their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $210.00 price target on shares of Dycom Industries in a report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Dycom Industries currently has a consensus rating of “Buy” and a consensus target price of $204.38.

Dycom Industries Price Performance

Shares of Dycom Industries stock opened at $158.32 on Tuesday. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 1.29 and a beta of 1.34. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The stock’s 50-day simple moving average is $174.67 and its 200-day simple moving average is $181.12. Dycom Industries has a 52 week low of $133.00 and a 52 week high of $207.20.

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

Insider Activity at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’s stock in a transaction dated 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 directly owns 14,533 shares in the company, valued at approximately $2,544,437.64. This 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 owned by insiders.

Institutional Trading of Dycom Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC increased its holdings in Dycom Industries by 0.8% during the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 55 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its position in Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock valued at $98,000 after purchasing an additional 56 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Dycom Industries by 25.4% during the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock valued at $57,000 after acquiring an additional 59 shares during the period. Arizona State Retirement System increased its stake in shares of Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock valued at $1,470,000 after purchasing an additional 70 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds 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.