Dycom Industries (NYSE:DY) Price Target Lowered to $201.00 at KeyCorp

Dycom Industries (NYSE:DY) had its target price trimmed by KeyCorp from $229.00 to $201.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

A number of other equities research analysts also recently issued reports on DY. DA Davidson reissued a “buy” rating and set a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. Raymond James boosted their price target on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. Finally, Wells Fargo & Company upped their price target on Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $205.38.

Dycom Industries Stock Performance

DY opened at $162.11 on Thursday. The company’s 50 day moving average is $181.83 and its 200 day moving average is $184.22. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The company has a market cap of $4.73 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 1.29 and a beta of 1.42. Dycom Industries has a 12-month low of $118.00 and a 12-month high of $207.20.

Dycom Industries announced that its board has approved a share buyback plan on Wednesday, February 26th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s 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 of the company’s stock, valued at approximately $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jennifer M. Fritzsche sold 430 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now owns 8,873 shares of the company’s stock, valued at approximately $1,536,005.03. This represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Large investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. bought a new position in Dycom Industries during the fourth quarter valued at approximately $80,584,000. Norges Bank purchased a new stake in shares of Dycom Industries during the 4th quarter worth approximately $55,802,000. First Trust Advisors LP boosted its position in shares of Dycom Industries by 142.9% during the 4th quarter. First Trust Advisors LP now owns 496,407 shares of the construction company’s stock valued at $86,405,000 after acquiring an additional 292,050 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Dycom Industries in the fourth quarter valued at $50,234,000. Finally, Point72 Asset Management L.P. increased its position in Dycom Industries by 261.6% in the fourth quarter. Point72 Asset Management L.P. now owns 224,277 shares of the construction company’s stock worth $39,038,000 after purchasing an additional 162,262 shares during the last quarter. 98.33% of the stock is owned by institutional investors.

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.