Dycom Industries, Inc. (NYSE:DY) Short Interest Down 29.2% in March

Dycom Industries, Inc. (NYSE:DY - Get Free Report) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 884,800 shares, a decline of 29.2% from the March 15th total of 1,250,000 shares. Based on an average daily trading volume, of 530,300 shares, the days-to-cover ratio is presently 1.7 days. Currently, 3.2% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on DY shares. B. Riley lowered their price target on shares of Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research note on Wednesday, March 19th. KeyCorp lowered their target price on shares of Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research report on Wednesday. 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 report on Tuesday, February 4th. Finally, Wells Fargo & Company lowered their price target on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. One equities 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 stock. According to MarketBeat.com, Dycom Industries has a consensus rating of "Buy" and an average price target of $200.25.

Dycom Industries Price Performance

DY stock traded up $2.62 on Friday, reaching $154.94. The company had a trading volume of 440,434 shares, compared to its average volume of 396,405. The company's fifty day moving average is $157.51 and its 200 day moving average is $175.46. The company has a market cap of $4.46 billion, a P/E ratio of 20.39, a PEG ratio of 1.29 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. Dycom Industries has a 1 year low of $131.37 and a 1 year high of $207.20.

Dycom Industries announced that its board has approved a share repurchase plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Dycom Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc purchased a new stake in shares of Dycom Industries during the first quarter worth about $28,000. SOA Wealth Advisors LLC. acquired a new stake in Dycom Industries during the third quarter worth approximately $39,000. Westside Investment Management Inc. purchased a new stake in Dycom Industries in the 3rd quarter worth approximately $41,000. Anchor Investment Management LLC raised its holdings in Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock valued at $53,000 after acquiring an additional 73 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after purchasing an additional 71 shares during the period. Hedge funds and other institutional investors 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.