Dycom Industries (NYSE:DY) to Buyback $150.00 million in Outstanding Shares

Dycom Industries (NYSE:DY) announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have issued reports on DY shares. 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. DA Davidson reissued a “buy” rating and set a $210.00 target price on shares of Dycom Industries in a research note on Tuesday, November 19th. Wells Fargo & Company increased their price objective on Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, KeyCorp lifted their price objective on Dycom Industries from $227.00 to $229.00 and gave the company an “overweight” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $208.88.

Dycom Industries Stock Down 6.0 %

DY opened at $161.63 on Thursday. Dycom Industries has a 1-year low of $118.00 and a 1-year high of $207.20. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 1.29 and a beta of 1.42. The business has a 50 day moving average of $181.83 and a 200-day moving average of $184.22.

Dycom Industries (NYSE:DY) last posted its quarterly earnings data on Wednesday, February 26th. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.20. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. As a group, sell-side analysts anticipate that Dycom Industries will post 7.13 earnings per share for the current year.

Insider Activity

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer M. Fritzsche sold 430 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total value of $74,437.30. Following the completion of the transaction, the director now directly owns 8,873 shares of the company’s stock, valued at approximately $1,536,005.03. This trade represents a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.28% of the stock is owned by company insiders.

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.