Norges Bank Takes Position in Dycom Industries, Inc. (NYSE:DY)

Norges Bank purchased a new stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 320,593 shares of the construction company's stock, valued at approximately $55,802,000. Norges Bank owned 1.10% of Dycom Industries at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DY. Corient Private Wealth LLC raised its holdings in Dycom Industries by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company's stock valued at $1,221,000 after acquiring an additional 55 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in Dycom Industries by 11.1% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company's stock worth $98,000 after purchasing an additional 56 shares in the last quarter. Arizona State Retirement System boosted its stake in Dycom Industries by 0.8% in the 4th quarter. Arizona State Retirement System now owns 8,447 shares of the construction company's stock worth $1,470,000 after purchasing an additional 70 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company's stock valued at $59,000 after buying an additional 71 shares in the last quarter. Finally, Anchor Investment Management LLC grew its holdings in 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. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Several equities research analysts have recently issued reports on DY shares. B. Riley reduced their target price on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. KeyCorp decreased their price objective on Dycom Industries from $229.00 to $201.00 and set an "overweight" rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company cut their target price on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Raymond James upped their price target 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. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $202.50.

Insider Activity at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the sale, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.28% of the stock is currently owned by insiders.

Dycom Industries Price Performance

Dycom Industries stock traded down $0.93 during midday trading on Tuesday, reaching $140.36. The company had a trading volume of 468,132 shares, compared to its average volume of 386,341. The company has a market capitalization of $4.07 billion, a P/E ratio of 18.47, a P/E/G ratio of 1.29 and a beta of 1.36. The firm's fifty day simple moving average is $164.53 and its 200-day simple moving average is $177.97. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month 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.

Dycom Industries declared that its Board of Directors has approved a stock buyback plan 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 plans are generally a sign that the company's leadership 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.