Prudential Financial Inc. Lowers Stake in Dycom Industries, Inc. (NYSE:DY)

Prudential Financial Inc. reduced its stake in Dycom Industries, Inc. (NYSE:DY - Free Report) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,499 shares of the construction company's stock after selling 9,519 shares during the period. Prudential Financial Inc. owned approximately 0.20% of Dycom Industries worth $10,356,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of DY. LPL Financial LLC increased its stake in Dycom Industries by 15.1% in the 4th quarter. LPL Financial LLC now owns 10,113 shares of the construction company's stock worth $1,760,000 after acquiring an additional 1,326 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Dycom Industries in the fourth quarter valued at $1,079,000. American Century Companies Inc. increased its position in Dycom Industries by 108.1% in the fourth quarter. American Century Companies Inc. now owns 35,575 shares of the construction company's stock worth $6,192,000 after purchasing an additional 18,476 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Dycom Industries by 81.5% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 49,985 shares of the construction company's stock valued at $8,707,000 after purchasing an additional 22,450 shares in the last quarter. Finally, Xponance Inc. lifted its position in Dycom Industries by 8.8% during the fourth quarter. Xponance Inc. now owns 2,047 shares of the construction company's stock valued at $356,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 98.33% of the company's stock.

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Insider Activity

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total value 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. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.28% of the company's stock.

Dycom Industries Trading Up 1.0 %

Dycom Industries stock traded up $1.51 during trading hours on Wednesday, hitting $156.57. The company had a trading volume of 55,530 shares, compared to its average volume of 512,662. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The firm has a market cap of $4.54 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.29 and a beta of 1.34. The company has a 50-day moving average price of $169.56 and a two-hundred day moving average price of $179.86. Dycom Industries, Inc. has a 1 year low of $133.00 and a 1 year high of $207.20.

Dycom Industries declared that its board has approved 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 buy up to 3.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. KeyCorp reduced their target price on shares of Dycom Industries from $229.00 to $201.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. B. Riley decreased their price objective on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Finally, Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $204.38.

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.