Dycom Industries, Inc. (NYSE:DY) Receives $200.22 Average Price Target from Brokerages

Shares of Dycom Industries, Inc. (NYSE:DY) have earned an average recommendation of “Buy” from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $200.22.

A number of analysts have commented on DY shares. JPMorgan Chase & Co. started coverage on Dycom Industries in a research report on Monday, April 21st. They set an “overweight” rating and a $200.00 target price on the stock. Wells Fargo & Company decreased their target price on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. KeyCorp decreased their target price on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. B. Riley decreased their target price on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Finally, Raymond James boosted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th.

Institutional Investors Weigh In On Dycom Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new stake in Dycom Industries during the first quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Dycom Industries by 26.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after buying an additional 71 shares during the period. GeoWealth Management LLC boosted its position in shares of Dycom Industries by 35.9% in the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock worth $61,000 after buying an additional 92 shares during the period. Anchor Investment Management LLC boosted its position in shares of Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock worth $64,000 after buying an additional 100 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Dycom Industries by 107.0% in the fourth quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock worth $67,000 after buying an additional 200 shares during the period. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Stock Up 2.2%

Dycom Industries stock opened at $192.65 on Friday. 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 1-year low of $131.37 and a 1-year high of $207.20. The company has a market cap of $5.54 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The stock’s 50 day moving average price is $158.44 and its 200 day moving average price is $173.23.

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

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.