Dycom Industries (NYSE:DY) Trading 3.6% Higher Following Strong Earnings

Dycom Industries, Inc. (NYSE:DY)’s stock price was up 3.6% on Thursday following a better than expected earnings announcement. The stock traded as high as $175.31 and last traded at $173.11. Approximately 105,035 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 248,685 shares. The stock had previously closed at $167.14.

The construction company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.39 by $0.73. Dycom Industries had a net margin of 5.38% and a return on equity of 22.15%. 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 business earned $1.73 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis.

Analyst Ratings Changes

Several analysts have recently issued reports on DY shares. Raymond James lifted their target price on shares of Dycom Industries from $143.00 to $195.00 and gave the company a “strong-buy” rating in a research report on Thursday. UBS Group lifted their price objective on Dycom Industries from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum raised their target price on Dycom Industries from $145.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on Dycom Industries from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Finally, KeyCorp increased their price objective on Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Dycom Industries presently has an average rating of “Buy” and an average price target of $175.86.

Insiders Place Their Bets

In other news, VP Jason T. Lawson sold 220 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $140.27, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Dycom Industries in the fourth quarter valued at $33,679,000. Assenagon Asset Management S.A. raised its position in shares of Dycom Industries by 791.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 117,864 shares of the construction company’s stock worth $10,490,000 after acquiring an additional 104,640 shares in the last quarter. Peconic Partners LLC lifted its stake in Dycom Industries by 2.9% during the third quarter. Peconic Partners LLC now owns 3,244,047 shares of the construction company’s stock worth $288,720,000 after purchasing an additional 91,093 shares during the last quarter. Appian Way Asset Management LP boosted its holdings in Dycom Industries by 84.2% in the first quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock valued at $28,328,000 after purchasing an additional 90,198 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Dycom Industries by 36.3% in the fourth quarter. First Trust Advisors LP now owns 271,782 shares of the construction company’s stock valued at $31,279,000 after purchasing an additional 72,415 shares during the last quarter. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Trading Up 1.5 %

The company has a market cap of $5.23 billion, a price-to-earnings ratio of 23.18, a PEG 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. The business’s fifty day simple moving average is $144.46 and its two-hundred day simple moving average is $123.63.

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.