Dycom Industries (NYSE:DY) Price Target Cut to $200.00 by Analysts at Wells Fargo & Company

Dycom Industries (NYSE:DY - Get Free Report) had its price objective lowered by equities researchers at Wells Fargo & Company from $215.00 to $200.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Wells Fargo & Company's price target indicates a potential upside of 41.46% from the company's current price.

DY has been the subject of a number of other research reports. Raymond James boosted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, February 4th. B. Riley decreased 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. Finally, KeyCorp cut their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $202.50.

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Dycom Industries Price Performance

NYSE DY traded up $0.09 during trading hours on Thursday, reaching $141.38. 116,724 shares of the stock traded hands, compared to its average volume of 384,139. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The stock has a 50 day simple moving average of $166.17 and a two-hundred day simple moving average of $178.63. Dycom Industries has a 1 year low of $131.37 and a 1 year high of $207.20. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36.

Dycom Industries announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to buy up to 3.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the sale, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.28% of the company's stock.

Hedge Funds Weigh In On Dycom Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. bought a new stake in Dycom Industries in the fourth quarter valued at $80,584,000. Norges Bank bought a new stake in shares of Dycom Industries during the 4th quarter valued at about $55,802,000. First Trust Advisors LP increased its position in shares of Dycom Industries by 142.9% during the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company's stock valued at $86,405,000 after buying an additional 292,050 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of Dycom Industries during the fourth quarter valued at about $50,234,000. Finally, Point72 Asset Management L.P. raised its stake in Dycom Industries by 261.6% in the fourth quarter. Point72 Asset Management L.P. now owns 224,277 shares of the construction company's stock worth $39,038,000 after buying an additional 162,262 shares in the last quarter. 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.