Baird Financial Group Inc. Raises Holdings in Dycom Industries, Inc. (NYSE:DY)

Baird Financial Group Inc. raised its stake in Dycom Industries, Inc. (NYSE:DY) by 14.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,933 shares of the construction company’s stock after purchasing an additional 244 shares during the quarter. Baird Financial Group Inc.’s holdings in Dycom Industries were worth $336,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Dycom Industries by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company’s stock valued at $114,765,000 after purchasing an additional 8,307 shares during the period. First Trust Advisors LP increased its position in shares of Dycom Industries by 142.9% during the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company’s stock worth $86,405,000 after acquiring an additional 292,050 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Dycom Industries during the fourth quarter worth about $80,584,000. Norges Bank purchased a new stake in shares of Dycom Industries during the fourth quarter worth about $55,802,000. Finally, Northern Trust Corp increased its position in shares of Dycom Industries by 8.7% during the fourth quarter. Northern Trust Corp now owns 320,481 shares of the construction company’s stock worth $55,783,000 after acquiring an additional 25,571 shares during the last quarter. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Stock Up 1.3%

NYSE:DY opened at $194.54 on Friday. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a one year low of $131.37 and a one year high of $207.20. The stock has a 50-day simple moving average of $162.61 and a 200 day simple moving average of $173.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

Dycom Industries declared that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DY. B. Riley dropped 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. Raymond James lifted 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. KeyCorp dropped 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. JPMorgan Chase & Co. began 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. Finally, Wells Fargo & Company dropped 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. 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 stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $200.22.

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.