B. Riley Issues Pessimistic Forecast for Dycom Industries (NYSE:DY) Stock Price

Dycom Industries (NYSE:DY) had its price target reduced by investment analysts at B. Riley from $234.00 to $200.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. B. Riley’s price target would suggest a potential upside of 25.56% from the company’s previous close.

Several other brokerages have also recently issued reports on DY. Raymond James raised 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. DA Davidson reissued a “buy” rating and issued a $210.00 price target on shares of Dycom Industries in a report on Tuesday, November 19th. 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 report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Trading Up 0.7 %

NYSE DY opened at $159.29 on Wednesday. The firm has a market cap of $4.62 billion, a PE ratio of 20.96, a price-to-earnings-growth 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 stock has a 50-day moving average of $174.28 and a 200-day moving average of $180.97. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89.

Dycom Industries declared that its board has authorized a share buyback plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the construction company to reacquire 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.

Insiders Place Their Bets

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of Dycom Industries stock in a transaction dated 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 approximately $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently made changes to their positions in DY. Total Wealth Planning & Management Inc. bought a new position in Dycom Industries in the 4th quarter valued at approximately $639,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Dycom Industries by 105.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the construction company’s stock valued at $194,000 after purchasing an additional 572 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Dycom Industries by 22.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,741 shares of the construction company’s stock valued at $11,269,000 after purchasing an additional 11,798 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of Dycom Industries by 785.7% during the fourth quarter. Squarepoint Ops LLC now owns 33,685 shares of the construction company’s stock valued at $5,863,000 after buying an additional 29,882 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in Dycom Industries by 17.2% in the 4th quarter. Tidal Investments LLC now owns 15,125 shares of the construction company’s stock worth $2,633,000 after buying an additional 2,219 shares in the last quarter. Institutional investors own 98.33% of the company’s stock.

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.