B. Riley Cuts Dycom Industries (NYSE:DY) Price Target to $200.00

Dycom Industries (NYSE:DY - Get Free Report) had its price target lowered by B. Riley from $234.00 to $200.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. B. Riley's price objective would suggest a potential upside of 28.03% from the stock's previous close.

A number of other research firms also recently commented on DY. KeyCorp cut 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 objective on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Tuesday, February 4th. Finally, DA Davidson reiterated a "buy" rating and set a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $204.38.

Dycom Industries Stock Performance

DY traded down $2.94 during midday trading on Wednesday, hitting $156.21. 573,496 shares of the company traded hands, compared to its average volume of 357,665. The company's 50-day moving average is $173.88 and its 200 day moving average is $180.97. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $4.53 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.29 and a beta of 1.34. Dycom Industries has a 52 week low of $133.00 and a 52 week high of $207.20.

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Dycom Industries declared that its board has authorized a share buyback 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 purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the transaction, the director now owns 14,533 shares of the company's stock, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Dycom Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC purchased a new stake in Dycom Industries during the third quarter valued at $28,000. SOA Wealth Advisors LLC. bought a new position in Dycom Industries in the 3rd quarter valued at $39,000. Westside Investment Management Inc. purchased a new stake in Dycom Industries in the third quarter worth $41,000. Anchor Investment Management LLC boosted its stake in shares of Dycom Industries by 37.6% during the third 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 period. Finally, First Horizon Advisors Inc. grew its holdings in shares of Dycom Industries by 25.4% in the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company's stock worth $57,000 after purchasing an additional 59 shares during the last quarter. Institutional investors own 98.33% 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.