PNC Financial Services Group Inc. Trims Stake in Dycom Industries, Inc. (NYSE:DY)

PNC Financial Services Group Inc. lowered its position in Dycom Industries, Inc. (NYSE:DY) by 2.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,709 shares of the construction company’s stock after selling 80 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Dycom Industries were worth $472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in shares of Dycom Industries in the third quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new position in shares of 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 third quarter worth about $41,000. Anchor Investment Management LLC grew its holdings in shares of Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock worth $53,000 after purchasing an additional 73 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Dycom Industries by 25.4% in the third quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock worth $57,000 after purchasing an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Insider Activity

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.28% of the company’s stock.

Dycom Industries Stock Up 1.5 %

NYSE:DY opened at $158.32 on Thursday. Dycom Industries, Inc. has a fifty-two week low of $133.00 and a fifty-two week high of $207.20. The stock has a market capitalization of $4.59 billion, a P/E ratio of 20.83, a P/E/G ratio of 1.29 and a beta of 1.34. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12. The company’s 50-day simple moving average is $174.67 and its 200-day simple moving average is $181.12.

Dycom Industries declared that its board has initiated a share 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 purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on DY shares. Raymond James increased 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. KeyCorp dropped their target price on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, B. Riley dropped their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Dycom Industries presently has a consensus rating of “Buy” and an average target price of $204.38.

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.