Dycom Industries (NYSE:DY) Upgraded to Strong-Buy at B. Riley

Dycom Industries (NYSE:DY - Get Free Report) was upgraded by equities researchers at B. Riley to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also issued reports on DY. KeyCorp reduced their target price on Dycom Industries from $229.00 to $201.00 and set an "overweight" rating for the company in a research note on Thursday, February 27th. DA Davidson restated a "buy" rating and issued a $210.00 price objective on shares of Dycom Industries in a research note on Tuesday, November 19th. Finally, Raymond James upped their target price on Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research report on Tuesday, February 4th. One 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $204.38.

Dycom Industries Stock Performance

NYSE:DY traded up $5.53 during trading hours on Tuesday, hitting $161.77. 233,468 shares of the company were exchanged, compared to its average volume of 357,183. The company's 50 day moving average price is $173.59 and its 200-day moving average price is $180.88. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 21.28, a PEG 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. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

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Dycom Industries declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries 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. The trade was a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dycom Industries

Hedge funds have recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in Dycom Industries in the 3rd quarter worth about $28,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Dycom Industries in the third quarter valued at approximately $39,000. Westside Investment Management Inc. acquired a new position in shares of Dycom Industries during the 3rd quarter worth approximately $41,000. Anchor Investment Management LLC lifted its position in shares of Dycom Industries by 37.6% during the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock valued at $53,000 after buying an additional 73 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Dycom Industries by 25.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company's stock valued at $57,000 after acquiring an additional 59 shares during the period. 98.33% of the stock is owned by hedge funds and other institutional investors.

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.