Dycom Industries, Inc. (NYSE:DY) shares fell 7.7% on Tuesday . The company traded as low as $60.70 and last traded at $60.95. 551,176 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 542,682 shares. The stock had previously closed at $66.03.
A number of research firms have weighed in on DY. Canaccord Genuity began coverage on shares of Dycom Industries in a research note on Wednesday, November 21st. They issued a “buy” rating and a $84.00 price objective on the stock. Zacks Investment Research reissued a “buy” rating and set a $75.00 price target on shares of Dycom Industries in a research report on Tuesday, November 13th. TheStreet lowered shares of Dycom Industries from a “b-” rating to a “c+” rating in a research report on Friday, October 19th. B. Riley reissued a “neutral” rating and set a $84.00 price target (up from $75.00) on shares of Dycom Industries in a research report on Thursday, September 27th. Finally, Deutsche Bank set a $93.00 price target on shares of Dycom Industries and gave the company a “buy” rating in a research report on Thursday, August 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $96.70.
The company has a current ratio of 3.78, a quick ratio of 3.48 and a debt-to-equity ratio of 1.06. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 2.75 and a beta of 1.44.
Dycom Industries (NYSE:DY) last released its quarterly earnings results on Tuesday, November 20th. The construction company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. Dycom Industries had a net margin of 3.79% and a return on equity of 11.38%. The company had revenue of $848.20 million for the quarter, compared to analyst estimates of $806.88 million. During the same period last year, the firm earned $0.99 earnings per share. The firm’s revenue was up 12.2% on a year-over-year basis. On average, equities analysts anticipate that Dycom Industries, Inc. will post 2.83 EPS for the current fiscal year.
Dycom Industries announced that its board has initiated a share repurchase program on Wednesday, August 29th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System increased its stake in shares of Dycom Industries by 2.8% in the second quarter. Arizona State Retirement System now owns 21,658 shares of the construction company’s stock worth $2,047,000 after purchasing an additional 589 shares in the last quarter. Cim Investment Mangement Inc. increased its stake in shares of Dycom Industries by 33.3% in the second quarter. Cim Investment Mangement Inc. now owns 2,599 shares of the construction company’s stock worth $246,000 after purchasing an additional 649 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Dycom Industries by 1.1% in the second quarter. Rhumbline Advisers now owns 64,486 shares of the construction company’s stock worth $6,095,000 after purchasing an additional 676 shares in the last quarter. Montag A & Associates Inc. increased its stake in shares of Dycom Industries by 1.2% in the second quarter. Montag A & Associates Inc. now owns 67,713 shares of the construction company’s stock worth $6,400,000 after purchasing an additional 799 shares in the last quarter. Finally, Harbour Capital Advisors LLC increased its stake in shares of Dycom Industries by 8.7% in the third quarter. Harbour Capital Advisors LLC now owns 12,785 shares of the construction company’s stock worth $1,082,000 after purchasing an additional 1,027 shares in the last quarter. Institutional investors and hedge funds own 99.21% of the company’s stock.
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About Dycom Industries (NYSE:DY)
Dycom Industries, Inc provides specialty contracting services in the United States and Canada. The company offers various specialty contracting services, including program management, engineering, construction, maintenance, and installation services, such as placement and splicing of fiber, copper, and coaxial cables to telecommunications providers.
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