Dycom Industries (NYSE:DY) Shares Down 6.4% – Here’s Why

Shares of Dycom Industries, Inc. (NYSE:DY) dropped 6.4% during trading on Wednesday . The stock traded as low as $161.91 and last traded at $160.96. Approximately 641,709 shares traded hands during mid-day trading, an increase of 49% from the average daily volume of 429,960 shares. The stock had previously closed at $171.94.

Analyst Ratings Changes

DY has been the subject of several recent research reports. Raymond James lifted their price objective 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. DA Davidson restated a “buy” rating and issued a $210.00 price target on shares of Dycom Industries in a report on Tuesday, November 19th. KeyCorp upped their target price on shares of Dycom Industries from $227.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, January 8th. Finally, Wells Fargo & Company lifted their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $208.88.

Dycom Industries Stock Down 6.0 %

The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. 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 firm has a 50-day moving average of $181.97 and a two-hundred day moving average of $184.38.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, February 26th. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.20. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. As a group, sell-side analysts anticipate that Dycom Industries, Inc. will post 7.13 earnings per share for the current year.

Insider Activity

In other Dycom Industries news, Director Jennifer M. Fritzsche sold 430 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the completion of the sale, the director now directly owns 8,873 shares in the company, valued at $1,536,005.03. This trade represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction of $507,732.00. Following the transaction, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. The trade was a 16.64 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.28% of the company’s stock.

Institutional Trading of Dycom Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DY. Creative Planning grew its position in shares of Dycom Industries by 19.2% during the 3rd quarter. Creative Planning now owns 6,560 shares of the construction company’s stock worth $1,293,000 after buying an additional 1,055 shares during the period. International Assets Investment Management LLC bought a new position in Dycom Industries during the third quarter valued at $19,424,000. First Trust Direct Indexing L.P. bought a new stake in shares of Dycom Industries in the third quarter valued at approximately $214,000. Pinnacle Associates Ltd. lifted its holdings in shares of Dycom Industries by 2.5% in the third quarter. Pinnacle Associates Ltd. now owns 65,464 shares of the construction company’s stock worth $12,903,000 after buying an additional 1,617 shares in the last quarter. Finally, Mariner Investment Group LLC bought a new stake in Dycom Industries during the third quarter valued at $507,000. 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.