Dycom Industries (NYSE:DY) to Repurchase $150.00 million in Outstanding Stock

Dycom Industries (NYSE:DY) declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Dycom Industries Stock Up 1.1 %

Shares of DY opened at $163.89 on Friday. The company has a market capitalization of $4.78 billion, a P/E ratio of 21.56, a PEG ratio of 1.29 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. Dycom Industries has a one year low of $123.90 and a one year high of $207.20. The business’s 50 day simple moving average is $181.69 and its 200-day simple moving average is $184.07.

Wall Street Analysts Forecast Growth

DY has been the topic of several analyst reports. Raymond James upped their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. KeyCorp lowered their price objective on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research note on Thursday. DA Davidson reiterated a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company upped their price objective on Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One investment 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 stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $205.38.

Insider Transactions at Dycom Industries

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’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 transaction, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total value 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 represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. 4.28% of the stock is owned by company insiders.

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.