Congress Wealth Management LLC DE Trims Stake in Dycom Industries, Inc. (NYSE:DY)

Congress Wealth Management LLC DE lessened its holdings in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 55.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,247 shares of the construction company's stock after selling 11,557 shares during the period. Congress Wealth Management LLC DE's holdings in Dycom Industries were worth $1,610,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DY. Stifel Financial Corp increased its position in Dycom Industries by 46.5% during the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company's stock valued at $3,988,000 after buying an additional 6,418 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of Dycom Industries during the fourth quarter valued at $1,171,000. JPMorgan Chase & Co. raised its position in shares of Dycom Industries by 65.8% in the 3rd 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 during the last quarter. Principal Financial Group Inc. boosted its stake 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 purchasing an additional 27,370 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company's stock valued at $68,000 after purchasing an additional 264 shares during the last quarter. 98.33% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business's 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. The trade was a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.28% of the company's stock.

Analyst Upgrades and Downgrades

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

Dycom Industries Stock Performance

Dycom Industries stock traded down $1.05 during midday trading on Monday, reaching $152.84. 400,090 shares of the company traded hands, compared to its average volume of 380,904. Dycom Industries, Inc. has a 12 month low of $133.00 and a 12 month high of $207.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The business has a 50 day moving average of $170.35 and a two-hundred day moving average of $180.07. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34.

Dycom Industries announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

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.