Dycom Industries, Inc. (NYSE:DY) Short Interest Update

Dycom Industries, Inc. (NYSE:DY) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 884,800 shares, a decline of 29.2% from the March 15th total of 1,250,000 shares. Approximately 3.2% of the company’s stock are sold short. Based on an average daily volume of 530,300 shares, the short-interest ratio is currently 1.7 days.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. KeyCorp reduced their price objective on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday. B. Riley cut their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, March 19th. Finally, Raymond James raised their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $200.25.

Hedge Funds Weigh In On Dycom Industries

Several hedge funds have recently made changes to their positions in DY. Principal Financial Group Inc. increased its position in shares of Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after purchasing an additional 27,370 shares during the last quarter. Geode Capital Management LLC increased its holdings in Dycom Industries by 1.3% during the fourth 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 last quarter. First Trust Advisors LP lifted its stake in Dycom Industries by 142.9% in the fourth 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. Alyeska Investment Group L.P. bought a new position in shares of Dycom Industries in the 4th quarter valued at about $80,584,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Dycom Industries by 327.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company’s stock valued at $60,818,000 after purchasing an additional 305,755 shares during the period. 98.33% of the stock is owned by institutional investors.

Dycom Industries Price Performance

Dycom Industries stock opened at $154.94 on Friday. The business’s 50-day simple moving average is $159.22 and its 200 day simple moving average is $176.20. 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 has a market cap of $4.49 billion, a price-to-earnings ratio of 20.39, a P/E/G ratio of 1.29 and a beta of 1.36. Dycom Industries has a 12-month low of $131.37 and a 12-month high of $207.20.

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

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.