Rhumbline Advisers trimmed its position in shares of Dycom Industries, Inc. (NYSE:DY) by 5.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,995 shares of the construction company’s stock after selling 3,491 shares during the quarter. Rhumbline Advisers owned approximately 0.20% of Dycom Industries worth $5,160,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in shares of Dycom Industries during the second quarter worth about $189,000. Engineers Gate Manager LP bought a new position in shares of Dycom Industries during the third quarter worth about $203,000. Point72 Hong Kong Ltd raised its position in shares of Dycom Industries by 388.9% during the second quarter. Point72 Hong Kong Ltd now owns 2,283 shares of the construction company’s stock worth $216,000 after acquiring an additional 1,816 shares during the last quarter. NumerixS Investment Technologies Inc bought a new position in shares of Dycom Industries during the second quarter worth about $236,000. Finally, Cim Investment Mangement Inc. raised its position in shares of Dycom Industries by 33.3% during the second quarter. Cim Investment Mangement Inc. now owns 2,599 shares of the construction company’s stock worth $246,000 after acquiring an additional 649 shares during the last quarter. 99.21% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on DY. Canaccord Genuity restated a “buy” rating and set a $90.00 price objective (down from $120.00) on shares of Dycom Industries in a research report on Tuesday, August 14th. ValuEngine downgraded Dycom Industries from a “sell” rating to a “strong sell” rating in a research report on Monday, August 13th. Zacks Investment Research restated a “buy” rating and set a $75.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 13th. TheStreet downgraded Dycom Industries from a “b-” rating to a “c+” rating in a report on Friday, October 19th. Finally, B. Riley reiterated a “neutral” rating and issued a $84.00 target price (up from $75.00) on shares of Dycom Industries in a report on Thursday, September 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $96.70.
Shares of DY stock opened at $60.23 on Friday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 21.77, a price-to-earnings-growth ratio of 2.54 and a beta of 1.44. The company has a quick ratio of 3.48, a current ratio of 3.78 and a debt-to-equity ratio of 1.06. Dycom Industries, Inc. has a fifty-two week low of $57.49 and a fifty-two week high of $123.99.
Dycom Industries (NYSE:DY) last issued its earnings results on Tuesday, November 20th. The construction company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. The business had revenue of $848.20 million during the quarter, compared to the consensus estimate of $806.88 million. Dycom Industries had a return on equity of 11.38% and a net margin of 3.79%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. On average, research analysts anticipate that Dycom Industries, Inc. will post 2.83 earnings per share for the current year.
Dycom Industries announced that its Board of Directors has authorized a share buyback program on Wednesday, August 29th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the construction company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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Dycom Industries Profile
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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