Dycom Industries (NYSE:DY) Shares Gap Up Following Earnings Beat

Dycom Industries, Inc. (NYSE:DY) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $154.40, but opened at $168.30. Dycom Industries shares last traded at $169.42, with a volume of 47,716 shares.

The construction company reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.73. Dycom Industries had a return on equity of 22.15% and a net margin of 5.38%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the firm posted $1.73 earnings per share. Dycom Industries’s revenue was up 9.3% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Dycom Industries from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Monday. Craig Hallum upped their target price on shares of Dycom Industries from $145.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group increased their target price on Dycom Industries from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp boosted their price target on Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday. Finally, B. Riley upgraded Dycom Industries from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $101.00 to $172.00 in a report on Friday, March 8th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $175.86.

Insider Transactions at Dycom Industries

In related news, VP Jason T. Lawson sold 220 shares of Dycom Industries stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $140.27, for a total value of $30,859.40. Following the sale, the vice president now owns 7,793 shares of the company’s stock, valued at $1,093,124.11. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Dycom Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Dycom Industries in the first quarter valued at $28,000. Headlands Technologies LLC bought a new stake in shares of Dycom Industries in the 1st quarter valued at about $72,000. Quadrant Capital Group LLC lifted its stake in Dycom Industries by 26.4% in the 4th quarter. Quadrant Capital Group LLC now owns 770 shares of the construction company’s stock valued at $89,000 after purchasing an additional 161 shares during the last quarter. Principal Securities Inc. bought a new position in Dycom Industries during the fourth quarter worth about $142,000. Finally, Strs Ohio increased its position in Dycom Industries by 50.0% during the fourth quarter. Strs Ohio now owns 1,500 shares of the construction company’s stock worth $172,000 after buying an additional 500 shares during the last quarter. 98.33% of the stock is owned by institutional investors.

Dycom Industries Stock Up 6.0 %

The firm has a 50 day simple moving average of $143.72 and a 200-day simple moving average of $122.96. The stock has a market cap of $5.16 billion, a P/E ratio of 22.84, a price-to-earnings-growth ratio of 2.18 and a beta of 1.37. The company has a quick ratio of 2.85, a current ratio of 3.17 and a debt-to-equity ratio of 0.78.

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.