Dycom Industries (NYSE:DY) Trading 6.1% Higher – Time to Buy?

Dycom Industries, Inc. (NYSE:DY) was up 6.1% during mid-day trading on Wednesday . The company traded as high as $199.61 and last traded at $199.43. Approximately 88,749 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 273,929 shares. The stock had previously closed at $187.99.

Wall Street Analysts Forecast Growth

DY has been the subject of several recent research reports. StockNews.com cut shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Bank of America boosted their target price on shares of Dycom Industries from $198.00 to $204.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Wells Fargo & Company lifted their price objective on shares of Dycom Industries from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. KeyCorp upped their target price on shares of Dycom Industries from $200.00 to $227.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, B. Riley lifted their price target on Dycom Industries from $205.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $203.43.

Dycom Industries Price Performance

The company has a current ratio of 3.44, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81. The company has a 50 day moving average of $184.97 and a 200-day moving average of $169.86. The firm has a market capitalization of $5.78 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.57 and a beta of 1.41.

Dycom Industries (NYSE:DY) last released its earnings results on Wednesday, August 21st. The construction company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.20. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. The company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.03 earnings per share. On average, sell-side analysts predict that Dycom Industries, Inc. will post 8.02 EPS for the current year.

Institutional Trading of Dycom Industries

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Dycom Industries during the first quarter worth $28,000. Anchor Investment Management LLC lifted its position in Dycom Industries by 50.4% in the 2nd quarter. Anchor Investment Management LLC now owns 194 shares of the construction company’s stock valued at $33,000 after acquiring an additional 65 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Dycom Industries by 107.8% in the second quarter. GAMMA Investing LLC now owns 293 shares of the construction company’s stock valued at $49,000 after purchasing an additional 152 shares during the last quarter. SJS Investment Consulting Inc. boosted its stake in shares of Dycom Industries by 5,071.4% in the 2nd quarter. SJS Investment Consulting Inc. now owns 362 shares of the construction company’s stock worth $61,000 after buying an additional 355 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Dycom Industries by 196.7% during the second quarter. Signaturefd LLC now owns 359 shares of the construction company’s stock worth $61,000 after buying an additional 238 shares during the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

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.