Franklin Resources Inc. Increases Stake in Dycom Industries, Inc. (NYSE:DY)

Franklin Resources Inc. grew its stake in shares of Dycom Industries, Inc. (NYSE:DY) by 14.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 176,588 shares of the construction company’s stock after purchasing an additional 21,774 shares during the quarter. Franklin Resources Inc. owned approximately 0.61% of Dycom Industries worth $30,737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new position in Dycom Industries during the 3rd quarter valued at about $28,000. SOA Wealth Advisors LLC. purchased a new position in shares of Dycom Industries during the third quarter valued at approximately $39,000. Westside Investment Management Inc. purchased a new position in shares of Dycom Industries during the third quarter valued at approximately $41,000. Anchor Investment Management LLC raised its holdings in shares of Dycom Industries by 37.6% during the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after acquiring an additional 73 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares during the period. Institutional investors own 98.33% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on DY. KeyCorp reduced their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company reduced 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. Raymond James raised their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Finally, 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. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $202.50.

Dycom Industries Price Performance

Shares of NYSE DY opened at $138.55 on Friday. The company has a 50 day simple moving average of $166.92 and a two-hundred day simple moving average of $179.09. Dycom Industries, Inc. has a fifty-two week low of $133.00 and a fifty-two week high of $207.20. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 1.29 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

Dycom Industries announced that its board has approved a share buyback plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the 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 sale, the director now directly owns 14,533 shares of the company’s stock, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.28% of the stock is owned by corporate insiders.

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.