Legal & General Group Plc Sells 2,255 Shares of Dycom Industries, Inc. (NYSE:DY)

Legal & General Group Plc cut its holdings in Dycom Industries, Inc. (NYSE:DY - Free Report) by 2.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,548 shares of the construction company's stock after selling 2,255 shares during the period. Legal & General Group Plc owned 0.28% of Dycom Industries worth $14,194,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the stock. SOA Wealth Advisors LLC. purchased a new position in shares of Dycom Industries during the third quarter worth approximately $39,000. Westside Investment Management Inc. purchased a new position in shares of Dycom Industries in the third quarter valued at about $41,000. Anchor Investment Management LLC boosted its holdings in shares of Dycom Industries by 37.6% during the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company's stock worth $53,000 after purchasing an additional 73 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock worth $59,000 after purchasing an additional 71 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in Dycom Industries by 107.0% during the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company's stock valued at $67,000 after purchasing an additional 200 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on DY shares. KeyCorp cut their price objective on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Raymond James lifted their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. assumed coverage on shares of Dycom Industries in a report on Monday. They issued an "overweight" rating and a $200.00 price objective for the company. Wells Fargo & Company reduced their target price on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, B. Riley reduced their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a research note on Wednesday, March 19th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Dycom Industries currently has a consensus rating of "Buy" and a consensus price target of $200.22.

Dycom Industries Price Performance

Shares of DY stock traded down $1.14 during mid-day trading on Monday, hitting $153.38. The company had a trading volume of 23,240 shares, compared to its average volume of 394,964. 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 company has a market capitalization of $4.41 billion, a P/E ratio of 20.19, a P/E/G ratio of 1.29 and a beta of 1.36. Dycom Industries, Inc. has a 52-week low of $131.37 and a 52-week high of $207.20. The stock's 50 day moving average price is $157.51 and its 200-day moving average price is $175.46.

Dycom Industries declared that its board has approved a stock buyback program on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding 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 often a sign that the company's board of directors believes its stock is undervalued.

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.