Dycom Industries (NYSE:DY) Approves Share Buyback Program

Dycom Industries (NYSE:DY - Get Free Report) announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 26th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on DY shares. Raymond James raised their target price on Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research note on Tuesday, February 4th. DA Davidson reaffirmed a "buy" rating and issued a $210.00 price target on shares of Dycom Industries in a research report on Tuesday, November 19th. KeyCorp dropped their price target 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. Finally, Wells Fargo & Company raised their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $205.38.

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Dycom Industries Stock Performance

Shares of Dycom Industries stock traded up $1.76 during mid-day trading on Friday, hitting $163.89. 821,346 shares of the stock were exchanged, compared to its average volume of 471,837. Dycom Industries has a 12 month low of $123.90 and a 12 month high of $207.20. The company has a 50-day simple moving average of $181.49 and a 200 day simple moving average of $183.93. 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 company has a market capitalization of $4.78 billion, a P/E ratio of 21.56, a P/E/G ratio of 1.29 and a beta of 1.42.

Insiders Place Their Bets

In other news, Director Jennifer M. Fritzsche sold 430 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the completion of the sale, 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 SEC, which is available at this hyperlink. Also, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders own 4.28% of the company's stock.

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.