Dycom Industries, Inc. (NYSE:DY) Sees Significant Decline in Short Interest

Dycom Industries, Inc. (NYSE:DY - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 1,250,000 shares, a decline of 25.6% from the February 28th total of 1,680,000 shares. Currently, 4.5% of the company's shares are short sold. Based on an average trading volume of 528,400 shares, the days-to-cover ratio is presently 2.4 days.

Analysts Set New Price Targets

A number of research firms recently commented on DY. B. Riley cut their price objective 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. Wells Fargo & Company dropped their price target on shares of Dycom Industries from $215.00 to $200.00 and set an "overweight" rating on the stock in a research report on Thursday. KeyCorp decreased their price objective 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. Finally, Raymond James lifted 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. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $202.50.

Insiders Place Their Bets

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the transaction, the director now directly owns 14,533 shares of the company's stock, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.28% of the company's stock.

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Institutional Investors Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Dycom Industries in the 3rd quarter valued at $269,000. Citigroup Inc. lifted its stake in shares of Dycom Industries by 79.6% in the third quarter. Citigroup Inc. now owns 38,289 shares of the construction company's stock valued at $7,547,000 after buying an additional 16,966 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Dycom Industries by 3.1% during the third quarter. The Manufacturers Life Insurance Company now owns 20,521 shares of the construction company's stock valued at $4,045,000 after buying an additional 614 shares during the last quarter. FMR LLC increased its position in shares of Dycom Industries by 2.4% during the third quarter. FMR LLC now owns 772,666 shares of the construction company's stock worth $152,292,000 after acquiring an additional 17,862 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of Dycom Industries by 4.6% in the 3rd quarter. Captrust Financial Advisors now owns 2,137 shares of the construction company's stock worth $421,000 after acquiring an additional 94 shares during the last quarter. Institutional investors own 98.33% of the company's stock.

Dycom Industries Stock Down 4.4 %

NYSE:DY traded down $6.93 during trading hours on Thursday, reaching $151.02. The company had a trading volume of 118,595 shares, compared to its average volume of 380,292. The business's 50-day simple moving average is $168.88 and its two-hundred day simple moving average is $179.70. Dycom Industries has a twelve month low of $133.00 and a twelve month high of $207.20. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 1.29 and a beta of 1.34. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89.

Dycom Industries announced that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.

About Dycom Industries

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.