Geode Capital Management LLC Grows Position in Dycom Industries, Inc. (NYSE:DY)

Geode Capital Management LLC raised its stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 659,190 shares of the construction company's stock after purchasing an additional 8,307 shares during the quarter. Geode Capital Management LLC owned 2.26% of Dycom Industries worth $114,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Dycom Industries in the 4th quarter worth approximately $55,802,000. Hennessy Advisors Inc. purchased a new stake in Dycom Industries in the 4th quarter worth approximately $50,234,000. JPMorgan Chase & Co. grew its position in shares of Dycom Industries by 119.8% in the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company's stock worth $30,734,000 after buying an additional 96,252 shares during the last quarter. Reaves W H & Co. Inc. grew its position in shares of Dycom Industries by 232.1% in 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 during the last quarter. Finally, ARS Investment Partners LLC bought a new position in shares of Dycom Industries during the fourth quarter valued at approximately $11,935,000. 98.33% of the stock is currently owned by institutional investors.

Dycom Industries Stock Performance

NYSE:DY traded down $0.37 during mid-day trading on Monday, reaching $152.90. The company's stock had a trading volume of 13,321 shares, compared to its average volume of 389,870. The stock has a market cap of $4.43 billion, a P/E ratio of 20.12, a PEG ratio of 1.29 and a beta of 1.36. The firm's fifty day moving average price is $161.88 and its two-hundred day moving average price is $176.82. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month high of $207.20. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89.

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Dycom Industries declared that its Board of Directors has authorized a stock buyback program 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 programs are often a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts recently weighed in on DY shares. Raymond James lifted their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a report on Tuesday, February 4th. B. Riley lowered their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, March 19th. Wells Fargo & Company decreased their target price on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Finally, KeyCorp lowered their price target 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. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Dycom Industries presently has a consensus rating of "Buy" and an average target price of $202.50.

Dycom Industries 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.