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

B. Riley upgraded shares of Dycom Industries (NYSE:DY) to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. KeyCorp dropped their price target on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. DA Davidson reaffirmed a “buy” rating and set a $210.00 price target on shares of Dycom Industries in a research report on Tuesday, November 19th. Finally, Raymond James upped their price target on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. One research 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 company’s stock. Based on data from MarketBeat, Dycom Industries presently has an average rating of “Buy” and an average price target of $204.38.

Dycom Industries Stock Up 1.5 %

DY stock opened at $158.32 on Tuesday. The stock’s fifty day simple moving average is $174.67 and its two-hundred day simple moving average is $181.12. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries has a 1-year low of $133.00 and a 1-year high of $207.20. The stock has a market cap of $4.59 billion, a P/E ratio of 20.83, a P/E/G ratio of 1.29 and a beta of 1.34.

Dycom Industries declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the sale, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Several institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its holdings in Dycom Industries by 4.0% during the 3rd quarter. State Street Corp now owns 1,158,585 shares of the construction company’s stock valued at $228,357,000 after acquiring an additional 44,321 shares during the period. FMR LLC lifted its holdings in Dycom Industries by 2.4% in the 3rd quarter. FMR LLC now owns 772,666 shares of the construction company’s stock worth $152,292,000 after buying an additional 17,862 shares during the period. Hill City Capital LP lifted its holdings in Dycom Industries by 2.3% in the 3rd quarter. Hill City Capital LP now owns 679,784 shares of the construction company’s stock worth $133,985,000 after buying an additional 15,000 shares during the period. Principal Financial Group Inc. lifted its holdings in Dycom Industries by 4.3% in the 3rd 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 period. Finally, Geode Capital Management LLC lifted its holdings in Dycom Industries by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company’s stock worth $114,765,000 after buying an additional 8,307 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

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.