Portolan Capital Management LLC Purchases New Shares in Dycom Industries, Inc. (NYSE:DY)

Portolan Capital Management LLC purchased a new stake in shares of Dycom Industries, Inc. (NYSE:DY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 23,248 shares of the construction company's stock, valued at approximately $4,047,000. Portolan Capital Management LLC owned about 0.08% of Dycom Industries at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stifel Financial Corp raised its position in shares of Dycom Industries by 46.5% in the 3rd quarter. Stifel Financial Corp now owns 20,232 shares of the construction company's stock worth $3,988,000 after acquiring an additional 6,418 shares in the last quarter. Nordea Investment Management AB bought a new stake in shares of Dycom Industries during the 4th quarter valued at $1,171,000. JPMorgan Chase & Co. grew its position in shares of Dycom Industries by 65.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company's stock worth $15,831,000 after buying an additional 31,864 shares during the period. Principal Financial Group Inc. lifted its position in Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company's stock valued at $131,278,000 after acquiring an additional 27,370 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in shares of Dycom Industries by 209.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company's stock worth $68,000 after buying an additional 264 shares during the last quarter. Institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Performance

DY stock traded up $2.62 during midday trading on Friday, reaching $154.94. 440,434 shares of the company's stock traded hands, compared to its average volume of 395,496. 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 is $158.31 and its 200 day moving average is $175.91. The stock has a market cap of $4.49 billion, a P/E ratio of 20.39, a PEG ratio of 1.29 and a beta of 1.36. 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 declared that its board has approved a stock repurchase 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 buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

DY has been the topic of a number of recent research reports. KeyCorp cut their target price on Dycom Industries from $201.00 to $183.00 and set an "overweight" rating on the stock in a research note on Wednesday. Raymond James upped their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, February 4th. B. Riley lowered their price target on Dycom Industries from $234.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Finally, Wells Fargo & Company reduced their price objective on Dycom Industries from $215.00 to $200.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $200.25.

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.