Dycom Industries, Inc. (NYSE:DY) Short Interest Down 18.7% in February

Dycom Industries, Inc. (NYSE:DY - Get Free Report) was the target of a large decrease in short interest in February. As of February 15th, there was short interest totalling 1,610,000 shares, a decrease of 18.7% from the January 31st total of 1,980,000 shares. Based on an average daily volume of 477,400 shares, the days-to-cover ratio is presently 3.4 days. Currently, 5.7% of the company's stock are short sold.

Insider Buying and Selling

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the 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 transaction, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total value 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 represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. 4.28% of the stock is owned by company insiders.

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Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DY. Total Wealth Planning & Management Inc. bought a new position in Dycom Industries during the fourth quarter worth $639,000. Public Employees Retirement System of Ohio lifted its stake in shares of Dycom Industries by 105.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the construction company's stock worth $194,000 after buying an additional 572 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Dycom Industries by 22.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,741 shares of the construction company's stock worth $11,269,000 after buying an additional 11,798 shares during the period. Squarepoint Ops LLC grew its stake in Dycom Industries by 785.7% in the 4th quarter. Squarepoint Ops LLC now owns 33,685 shares of the construction company's stock valued at $5,863,000 after buying an additional 29,882 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Dycom Industries by 17.2% in the 4th quarter. Tidal Investments LLC now owns 15,125 shares of the construction company's stock valued at $2,633,000 after buying an additional 2,219 shares during the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

Dycom Industries Stock Performance

Shares of DY traded down $2.59 during midday trading on Friday, reaching $140.93. The stock had a trading volume of 869,988 shares, compared to its average volume of 347,073. The firm has a market cap of $4.08 billion, a PE ratio of 18.54, a P/E/G ratio of 1.29 and a beta of 1.34. The firm has a 50 day simple moving average of $179.63 and a 200-day simple moving average of $182.93. Dycom Industries has a one year low of $133.00 and a one year high of $207.20. 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 approved a stock buyback program on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. DA Davidson reaffirmed a "buy" rating and set a $210.00 price target on shares of Dycom Industries in a research note on Tuesday, November 19th. 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 research report on Thursday, February 27th. Raymond James lifted their price target 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. Finally, Wells Fargo & Company increased their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. 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 data from MarketBeat, Dycom Industries presently has a consensus rating of "Buy" and a consensus price target of $205.38.

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.