Dycom Industries, Inc. (NYSE:DY) Sees Significant Drop in Short Interest

Dycom Industries, Inc. (NYSE:DY) was the target of a significant decrease in short interest in the month of February. As of February 15th, there was short interest totalling 1,610,000 shares, a decrease of 18.7% from the January 31st total of 1,980,000 shares. Based on an average trading volume of 477,400 shares, the days-to-cover ratio is currently 3.4 days. Currently, 5.7% of the company’s stock are sold short.

Dycom Industries Stock Performance

NYSE DY opened at $160.81 on Tuesday. The business’s 50-day moving average price is $181.49 and its 200 day moving average price is $183.91. 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 firm has a market cap of $4.69 billion, a P/E ratio of 21.16, a P/E/G ratio of 1.29 and a beta of 1.42. Dycom Industries has a 52-week low of $126.59 and a 52-week high of $207.20.

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

Insider Transactions at Dycom Industries

In related news, 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 value of $74,437.30. Following the completion of the transaction, the director now owns 8,873 shares in the company, valued at $1,536,005.03. The trade was a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of 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 disclosure for this sale can be found here. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Large investors have recently modified their holdings of the stock. Accent Capital Management LLC acquired a new position in Dycom Industries in the 3rd quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new stake in shares of Dycom Industries in the third quarter valued at about $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Dycom Industries during the third quarter worth about $39,000. Westside Investment Management Inc. purchased a new position in Dycom Industries during the third quarter worth about $41,000. Finally, Anchor Investment Management LLC lifted its position in Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after purchasing an additional 73 shares during the period. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Analysts Set New Price Targets

DY has been the subject of a number of research reports. DA Davidson reissued a “buy” rating and issued a $210.00 price target on shares of Dycom Industries in a research report on Tuesday, November 19th. Raymond James boosted their target price on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. KeyCorp dropped their price target on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Finally, Wells Fargo & Company boosted 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 research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Dycom Industries presently has a consensus rating of “Buy” and a consensus target price of $205.38.

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.