KeyCorp Cuts Dycom Industries (NYSE:DY) Price Target to $201.00

Dycom Industries (NYSE:DY) had its target price reduced by KeyCorp from $229.00 to $201.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the construction company’s stock.

DY has been the topic of several other research reports. DA Davidson reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. Raymond James boosted their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company raised their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $205.38.

Dycom Industries Stock Performance

NYSE:DY opened at $162.11 on Thursday. The firm has a market capitalization of $4.73 billion, a PE ratio of 21.33, a PEG ratio of 1.29 and a beta of 1.42. The stock’s fifty day moving average is $181.83 and its 200 day moving average is $184.22. Dycom Industries has a fifty-two week low of $118.00 and a fifty-two week high of $207.20. 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 announced that its board has authorized a stock repurchase plan on Wednesday, February 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Dycom Industries

In other news, Director Jennifer M. Fritzsche sold 430 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now directly owns 8,873 shares in the company, valued at approximately $1,536,005.03. This trade represents a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the transaction, the director now directly owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This trade represents a 16.64 % decrease in their position. The disclosure for this sale can be found here. 4.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Dycom Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Accent Capital Management LLC bought a new position in shares of Dycom Industries in the 3rd quarter worth $25,000. Legacy Investment Solutions LLC bought a new position in Dycom Industries in the third quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new position in Dycom Industries in the third quarter worth about $39,000. Westside Investment Management Inc. purchased a new stake in shares of Dycom Industries during the third quarter valued at about $41,000. Finally, Anchor Investment Management LLC boosted its holdings in shares of Dycom Industries by 37.6% in the 3rd quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after buying an additional 73 shares in the last quarter. Institutional investors own 98.33% of the company’s stock.

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.