Zacks Investment Research downgraded shares of Dycom Industries (NYSE:DY) from a buy rating to a hold rating in a report issued on Thursday morning.
According to Zacks, “Over the past one year, Dycom’s shares have significantly outperformed the industry average. Over the past few quarters, rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services are proving conducive to the growth of the company. Dycom remains optimistic about fiber deep cable capacity projects, 1 gigabit deployments and initial phases of fiber deployments for newly emerging wireless technologies. However, initiations of large-scale network deployments, particularly those occurring during periods of customer M&A activity, remain vulnerable to timing uncertainty. Further, the company’s margins will likely suffer due to timing volatility, customer spending modulations and an adverse mix of work activities. This apart poor contribution from acquired businesses might hamper growth of the company.”
A number of other research firms have also recently commented on DY. Wells Fargo lifted their target price on shares of Dycom Industries from $108.50 to $125.00 and gave the stock an outperform rating in a research note on Thursday, February 15th. Craig Hallum reiterated a buy rating and issued a $129.00 target price (up from $114.00) on shares of Dycom Industries in a research note on Tuesday, February 13th. B. Riley lowered their target price on shares of Dycom Industries from $135.00 to $132.00 and set a buy rating for the company in a research note on Tuesday, February 13th. Stifel Nicolaus reiterated a buy rating and issued a $126.00 target price (up from $120.00) on shares of Dycom Industries in a research note on Monday, December 11th. Finally, Stephens lifted their target price on shares of Dycom Industries from $120.00 to $140.00 and gave the stock an overweight rating in a research note on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $122.00.
Shares of Dycom Industries (NYSE DY) opened at $112.81 on Thursday. Dycom Industries has a 1-year low of $73.95 and a 1-year high of $123.99. The firm has a market cap of $3,518.32, a PE ratio of 23.80, a PEG ratio of 1.60 and a beta of 1.39. The company has a debt-to-equity ratio of 1.07, a current ratio of 3.16 and a quick ratio of 2.86.
Dycom Industries (NYSE:DY) last released its quarterly earnings results on Wednesday, February 28th. The construction company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. Dycom Industries had a net margin of 5.08% and a return on equity of 18.67%. The business had revenue of $655.13 million for the quarter, compared to analysts’ expectations of $655.72 million. During the same period last year, the business earned $0.82 EPS. The company’s revenue was down 6.6% compared to the same quarter last year. sell-side analysts predict that Dycom Industries will post 5.71 earnings per share for the current fiscal year.
In other Dycom Industries news, Director Patricia Higgins sold 2,604 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $109.08, for a total transaction of $284,044.32. Following the completion of the transaction, the director now directly owns 30,246 shares of the company’s stock, valued at approximately $3,299,233.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.35% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. First Personal Financial Services raised its position in Dycom Industries by 214.3% during the 4th quarter. First Personal Financial Services now owns 1,075 shares of the construction company’s stock worth $120,000 after buying an additional 733 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Dycom Industries by 6.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,298 shares of the construction company’s stock worth $116,000 after buying an additional 80 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Dycom Industries by 55.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,529 shares of the construction company’s stock worth $170,000 after buying an additional 545 shares during the last quarter. Howe & Rusling Inc. raised its position in Dycom Industries by 3,671.1% during the 4th quarter. Howe & Rusling Inc. now owns 1,697 shares of the construction company’s stock worth $189,000 after buying an additional 1,652 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in Dycom Industries during the 4th quarter worth approximately $214,000.
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Dycom Industries Company Profile
Dycom Industries, Inc is a provider of specialty contracting services throughout the United States and in Canada. The Company, through its subsidiaries, provides program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
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