Dycom Industries (NYSE:DY) Shares Gap Down – Here’s What Happened

Dycom Industries, Inc. (NYSE:DY) shares gapped down prior to trading on Wednesday . The stock had previously closed at $202.79, but opened at $192.00. Dycom Industries shares last traded at $187.57, with a volume of 212,663 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DY. 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. KeyCorp upped their price objective on Dycom Industries from $200.00 to $227.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. StockNews.com lowered Dycom Industries from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. B. Riley boosted their target price on shares of Dycom Industries from $205.00 to $208.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Dycom Industries presently has a consensus rating of “Buy” and a consensus price target of $206.13.

Dycom Industries Stock Up 3.4 %

The company has a market cap of $5.31 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 1.68 and a beta of 1.44. The business has a fifty day simple moving average of $189.40 and a two-hundred day simple moving average of $178.80. The company has a current ratio of 3.44, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81.

Dycom Industries (NYSE:DY) last issued its earnings results on Wednesday, August 21st. The construction company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.20. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Dycom Industries had a net margin of 5.37% and a return on equity of 22.28%. Dycom Industries’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.03 earnings per share. As a group, equities research analysts predict that Dycom Industries, Inc. will post 7.96 earnings per share for the current year.

Institutional Trading of Dycom Industries

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Dycom Industries by 0.4% during the first quarter. Vanguard Group Inc. now owns 3,196,041 shares of the construction company’s stock valued at $458,728,000 after acquiring an additional 12,395 shares during the last quarter. Millennium Management LLC increased its holdings in Dycom Industries by 6.3% in the 2nd quarter. Millennium Management LLC now owns 1,631,453 shares of the construction company’s stock valued at $275,324,000 after purchasing an additional 96,846 shares during the last quarter. State Street Corp increased its holdings in Dycom Industries by 4.0% in the 3rd quarter. State Street Corp now owns 1,158,585 shares of the construction company’s stock valued at $228,357,000 after purchasing an additional 44,321 shares during the last quarter. FMR LLC raised its position in Dycom Industries by 2.4% in the third quarter. FMR LLC now owns 772,666 shares of the construction company’s stock valued at $152,292,000 after purchasing an additional 17,862 shares during the period. Finally, Hill City Capital LP lifted its stake in Dycom Industries by 2.3% during the third quarter. Hill City Capital LP now owns 679,784 shares of the construction company’s stock worth $133,985,000 after purchasing an additional 15,000 shares in the last quarter. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

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.