KeyCorp Lowers Dycom Industries (NYSE:DY) Price Target to $201.00

Dycom Industries (NYSE:DY - Get Free Report) had its target price reduced by analysts at KeyCorp from $229.00 to $201.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. KeyCorp's price objective suggests a potential upside of 24.99% from the stock's current price.

Several other equities research analysts have also commented on the company. Raymond James upped their price objective on Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their price target on Dycom Industries from $200.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Dycom Industries in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $205.38.

Dycom Industries Stock Performance

NYSE DY traded down $3.05 during trading hours on Thursday, hitting $160.81. 543,650 shares of the company's stock traded hands, compared to its average volume of 473,631. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries has a 52 week low of $126.59 and a 52 week high of $207.20. The firm has a market capitalization of $4.69 billion, a P/E ratio of 21.16, a P/E/G ratio of 1.29 and a beta of 1.42. The business's fifty day moving average price is $181.49 and its two-hundred day moving average price is $183.91.

Remove Ads

Dycom Industries declared that its board has authorized a share repurchase program on Wednesday, February 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company's 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 transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. This represents a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the sale, the director now owns 8,873 shares in the company, valued at approximately $1,536,005.03. The trade was a 4.62 % decrease in their position. The disclosure for this sale can be found here. 4.28% of the stock is currently owned by company insiders.

Institutional Trading of Dycom Industries

Several hedge funds have recently bought and sold shares of the stock. Total Wealth Planning & Management Inc. bought a new stake in shares of Dycom Industries in the fourth quarter worth about $639,000. Public Employees Retirement System of Ohio grew its holdings in Dycom Industries by 105.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the construction company's stock valued at $194,000 after buying an additional 572 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Dycom Industries by 22.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,741 shares of the construction company's stock worth $11,269,000 after acquiring an additional 11,798 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Dycom Industries by 785.7% during the 4th quarter. Squarepoint Ops LLC now owns 33,685 shares of the construction company's stock worth $5,863,000 after acquiring an additional 29,882 shares in the last quarter. Finally, Tidal Investments LLC boosted its position in shares of Dycom Industries by 17.2% during the 4th quarter. Tidal Investments LLC now owns 15,125 shares of the construction company's stock valued at $2,633,000 after acquiring an additional 2,219 shares during the last quarter. Hedge funds and other 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.