Bank of New York Mellon Corp Decreases Position in Dycom Industries, Inc. (NYSE:DY)

Bank of New York Mellon Corp lessened its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 3.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 200,618 shares of the construction company's stock after selling 7,644 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Dycom Industries worth $34,919,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in DY. Stifel Financial Corp raised its position in shares of Dycom Industries by 46.5% during the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company's stock worth $3,988,000 after acquiring an additional 6,418 shares in the last quarter. Nordea Investment Management AB purchased a new position in Dycom Industries in the fourth quarter valued at approximately $1,171,000. JPMorgan Chase & Co. raised its holdings in Dycom Industries by 65.8% during the third quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company's stock worth $15,831,000 after purchasing an additional 31,864 shares in the last quarter. Whalen Wealth Management Inc. purchased a new stake in shares of Dycom Industries during the 3rd quarter worth approximately $773,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Dycom Industries by 19.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company's stock valued at $7,472,000 after buying an additional 6,128 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company's stock.

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Dycom Industries Price Performance

Shares of NYSE:DY traded down $5.02 on Monday, hitting $135.94. The company had a trading volume of 8,730 shares, compared to its average volume of 345,503. The business has a 50 day moving average of $178.95 and a 200 day moving average of $182.50. Dycom Industries, Inc. has a 52-week low of $133.00 and a 52-week high of $207.20. The company has a market cap of $3.94 billion, a PE ratio of 18.03, a PEG ratio of 1.29 and a beta of 1.34. 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 declared that its Board of Directors has authorized a share repurchase 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 usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Dycom Industries

In other Dycom Industries news, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total value of $74,437.30. Following the transaction, the director now owns 8,873 shares in the company, valued at $1,536,005.03. This trade represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the sale, 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 disclosure for this sale can be found here. 4.28% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DY. Raymond James raised their price target on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, February 4th. DA Davidson reaffirmed a "buy" rating and set a $210.00 price objective on shares of Dycom Industries in a report on Tuesday, November 19th. Wells Fargo & Company increased their price objective on Dycom Industries from $200.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Finally, KeyCorp decreased their target price 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. One research 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. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $205.38.

Dycom Industries 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.