Dycom Industries (NYSE:DY) Given New $183.00 Price Target at KeyCorp

Dycom Industries (NYSE:DY - Get Free Report) had its price objective decreased by research analysts at KeyCorp from $201.00 to $183.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. KeyCorp's target price would indicate a potential upside of 20.83% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Raymond James increased their target price 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. Wells Fargo & Company cut their price objective on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, B. Riley lowered their target price on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $200.22.

Dycom Industries Price Performance

Shares of Dycom Industries stock traded down $3.06 during mid-day trading on Wednesday, reaching $151.45. 219,484 shares of the stock traded hands, compared to its average volume of 395,764. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. Dycom Industries has a fifty-two week low of $131.37 and a fifty-two week high of $207.20. The stock has a market capitalization of $4.36 billion, a PE ratio of 19.93, a PEG ratio of 1.29 and a beta of 1.36. The business has a 50-day moving average of $157.51 and a 200 day moving average of $175.46.

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

Hedge Funds Weigh In On Dycom Industries

A number of hedge funds have recently modified their holdings of DY. Versant Capital Management Inc purchased a new position in Dycom Industries during the first quarter worth about $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Dycom Industries in the 3rd quarter worth approximately $39,000. Westside Investment Management Inc. acquired a new position in shares of Dycom Industries in the 3rd quarter worth approximately $41,000. Anchor Investment Management LLC increased 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 purchasing an additional 73 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock valued at $59,000 after purchasing an additional 71 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

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.