Dycom Industries (NYSE:DY) Given New $200.00 Price Target at B. Riley

Dycom Industries (NYSE:DY) had its price objective cut by analysts at B. Riley from $234.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. B. Riley’s price target indicates a potential upside of 25.56% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Raymond James increased their target price on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. DA Davidson reissued a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a report on Tuesday, November 19th. Finally, KeyCorp reduced 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. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $204.38.

Dycom Industries Price Performance

NYSE DY opened at $159.29 on Wednesday. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 1.29 and a beta of 1.34. Dycom Industries has a 1-year low of $133.00 and a 1-year 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 business’s fifty day moving average price is $174.28 and its 200-day moving average price is $180.97.

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

Insiders Place Their Bets

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of the sale, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This represents a 16.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Dycom Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC raised its stake in Dycom Industries by 0.8% during the 4th quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock valued at $1,221,000 after purchasing an additional 55 shares during the period. Wilmington Savings Fund Society FSB raised its position in shares of Dycom Industries by 11.1% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock valued at $98,000 after buying an additional 56 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Dycom Industries by 25.4% during the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock valued at $57,000 after buying an additional 59 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Dycom Industries by 0.8% in the fourth quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock worth $1,470,000 after buying an additional 70 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares during the last quarter. 98.33% of the stock is owned by institutional investors.

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.