B. Riley Upgrades Dycom Industries (NYSE:DY) to Strong-Buy

Dycom Industries (NYSE:DY) was upgraded by equities researchers at B. Riley to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research firms have also commented on DY. DA Davidson reiterated a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a research note on Tuesday, November 19th. Raymond James boosted their price target on 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, KeyCorp decreased their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $204.38.

Dycom Industries Stock Performance

Shares of DY opened at $158.32 on Tuesday. The company’s 50 day moving average price is $174.67 and its 200 day moving average price is $181.12. 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 has a 52 week low of $133.00 and a 52 week high of $207.20. The company has a market capitalization of $4.59 billion, a PE ratio of 20.83, a PEG ratio of 1.29 and a beta of 1.34.

Dycom Industries announced that its board has approved a stock repurchase program on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’s stock in a transaction 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 transaction, the director now owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.28% of the company’s stock.

Institutional Trading of Dycom Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Dycom Industries in the 3rd quarter valued at $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. bought a new position in shares of Dycom Industries in the 3rd quarter worth approximately $41,000. Anchor Investment Management LLC lifted its position in Dycom Industries by 37.6% during the third 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 during the period. Finally, First Horizon Advisors Inc. boosted its stake in Dycom Industries by 25.4% during the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock worth $57,000 after acquiring an additional 59 shares in the last quarter. Institutional investors own 98.33% of the company’s stock.

Dycom Industries Company Profile

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.