Oppenheimer & Co. Inc. Raises Stock Position in Dycom Industries, Inc. (NYSE:DY)

Oppenheimer & Co. Inc. increased its stake in Dycom Industries, Inc. (NYSE:DY) by 7.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,831 shares of the construction company’s stock after acquiring an additional 561 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Dycom Industries were worth $1,363,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DY. Stifel Financial Corp grew its holdings in shares of Dycom Industries by 46.5% during the third quarter. Stifel Financial Corp now owns 20,232 shares of the construction company’s stock worth $3,988,000 after buying an additional 6,418 shares in the last quarter. Nordea Investment Management AB purchased a new stake in shares of Dycom Industries during the fourth quarter worth $1,171,000. JPMorgan Chase & Co. grew its holdings in shares of Dycom Industries by 65.8% during the third quarter. JPMorgan Chase & Co. now owns 80,320 shares of the construction company’s stock worth $15,831,000 after buying an additional 31,864 shares in the last quarter. Whalen Wealth Management Inc. purchased a new stake in shares of Dycom Industries during the third quarter worth $773,000. Finally, Advisors Asset Management Inc. grew its holdings in shares of Dycom Industries by 19.3% during the third quarter. Advisors Asset Management Inc. now owns 37,911 shares of the construction company’s stock worth $7,472,000 after buying an additional 6,128 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Dycom Industries Trading Down 1.9 %

NYSE DY opened at $160.81 on Tuesday. The firm’s 50-day moving average is $181.49 and its two-hundred day moving average is $183.91. Dycom Industries, Inc. has a 12 month low of $126.59 and a 12 month high of $207.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93. The stock has a market capitalization of $4.69 billion, a P/E ratio of 21.16, a PEG ratio of 1.29 and a beta of 1.42.

Dycom Industries announced that its board has authorized a share buyback program on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Dycom Industries

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

Wall Street Analysts Forecast Growth

DY has been the subject of a number of research reports. KeyCorp dropped their target price on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Raymond James upped their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Wells Fargo & Company boosted their price target on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, DA Davidson reissued a “buy” rating and set a $210.00 price target on shares of Dycom Industries in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $205.38.

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.