Franklin Resources Inc. raised its position in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 14.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,588 shares of the construction company's stock after acquiring an additional 21,774 shares during the period. Franklin Resources Inc. owned approximately 0.61% of Dycom Industries worth $30,737,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Dycom Industries in the 4th quarter valued at approximately $55,802,000. Hennessy Advisors Inc. acquired a new stake in Dycom Industries during the 4th quarter valued at $50,234,000. JPMorgan Chase & Co. increased its position in Dycom Industries by 119.8% in the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company's stock valued at $30,734,000 after acquiring an additional 96,252 shares in the last quarter. Reaves W H & Co. Inc. lifted its holdings in Dycom Industries by 232.1% during the 4th quarter. Reaves W H & Co. Inc. now owns 117,429 shares of the construction company's stock worth $20,440,000 after buying an additional 82,071 shares in the last quarter. Finally, ARS Investment Partners LLC acquired a new stake in Dycom Industries in the fourth quarter worth about $11,935,000. 98.33% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. KeyCorp cut their price target on Dycom Industries from $229.00 to $201.00 and set an "overweight" rating on the stock in a research note on Thursday, February 27th. Raymond James increased their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Tuesday, February 4th. Wells Fargo & Company dropped their price objective on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, B. Riley dropped their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Dycom Industries currently has an average rating of "Buy" and an average price target of $202.50.
Check Out Our Latest Research Report on DY
Dycom Industries Stock Down 3.5 %
Shares of NYSE:DY traded down $5.52 during midday trading on Thursday, hitting $150.44. The stock had a trading volume of 56,932 shares, compared to its average volume of 517,173. The company has a market cap of $4.36 billion, a P/E ratio of 19.81, a PEG ratio of 1.29 and a beta of 1.36. 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 business's 50-day simple moving average is $163.22 and its 200-day simple moving average is $177.53. Dycom Industries, Inc. has a 12 month low of $131.37 and a 12 month high of $207.20.
Dycom Industries declared that its board has approved a share repurchase program on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually a sign 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 the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the transaction, the director now owns 14,533 shares in the company, valued at $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.28% of the company's stock.
About Dycom Industries
(
Free Report)
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.
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