KeyCorp Lowers Dycom Industries (NYSE:DY) Price Target to $201.00

Dycom Industries (NYSE:DY) had its price target cut by research analysts at KeyCorp from $229.00 to $201.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. KeyCorp’s price target points to a potential upside of 20.58% from the stock’s previous close.

A number of other research analysts have also commented on DY. 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 research note on Friday, November 15th. DA Davidson reaffirmed a “buy” rating and issued a $210.00 target price on shares of Dycom Industries in a report on Tuesday, November 19th. Finally, Raymond James lifted their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $205.38.

Dycom Industries Stock Performance

NYSE:DY traded up $4.74 during mid-day trading on Thursday, reaching $166.70. 252,071 shares of the stock were exchanged, compared to its average volume of 443,018. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $4.86 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.29 and a beta of 1.42. The company has a 50 day simple moving average of $181.83 and a 200-day simple moving average of $184.22. Dycom Industries has a 1 year low of $118.00 and a 1 year high of $207.20.

Dycom Industries announced that its board has approved a stock buyback program on Wednesday, February 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now directly owns 8,873 shares in the company, valued at approximately $1,536,005.03. This trade represents a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.28% of the company’s stock.

Institutional Trading of Dycom Industries

Large investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC lifted its position in Dycom Industries by 0.8% during the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after acquiring an additional 55 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock worth $98,000 after purchasing an additional 56 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of Dycom Industries by 25.4% during the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock worth $57,000 after buying an additional 59 shares in the last quarter. Arizona State Retirement System raised its holdings in Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock valued at $1,470,000 after acquiring an additional 70 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

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.