Balyasny Asset Management L.P. Lowers Stock Holdings in Dycom Industries, Inc. (NYSE:DY)

Balyasny Asset Management L.P. trimmed its position in Dycom Industries, Inc. (NYSE:DY) by 98.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,725 shares of the construction company’s stock after selling 144,179 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Dycom Industries were worth $474,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its position in shares of Dycom Industries by 209.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company’s stock worth $68,000 after purchasing an additional 264 shares during the last quarter. Hennessy Advisors Inc. bought a new position in shares of Dycom Industries in the fourth quarter worth approximately $50,234,000. Park Avenue Securities LLC bought a new position in Dycom Industries during the fourth quarter valued at approximately $371,000. Transform Wealth LLC bought a new position in Dycom Industries during the fourth quarter valued at approximately $479,000. Finally, Braun Stacey Associates Inc. grew its position in Dycom Industries by 110.7% during the fourth quarter. Braun Stacey Associates Inc. now owns 61,091 shares of the construction company’s stock valued at $10,633,000 after acquiring an additional 32,098 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on DY shares. B. Riley reduced their price target on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Wells Fargo & Company reduced their price target on shares of 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 cut their target price on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Raymond James increased their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Dycom Industries in a report on Monday, April 21st. They issued an “overweight” rating and a $200.00 price target on the stock. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $200.22.

Dycom Industries Price Performance

Shares of NYSE:DY opened at $192.11 on Friday. Dycom Industries, Inc. has a 1-year low of $131.37 and a 1-year high of $207.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The business has a fifty day moving average price of $161.60 and a 200-day moving average price of $173.53. The company has a market capitalization of $5.53 billion, a PE ratio of 25.28, a PEG ratio of 1.29 and a beta of 1.27.

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

Dycom Industries 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.