Wells Fargo & Company Has Lowered Expectations for Dycom Industries (NYSE:DY) Stock Price

Dycom Industries (NYSE:DY) had its price target dropped by investment analysts at Wells Fargo & Company from $215.00 to $200.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 44.35% from the company’s previous close.

DY has been the topic of a number of other research reports. B. Riley lowered their target price on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, March 19th. Raymond James increased their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. 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 research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $202.50.

Dycom Industries Stock Performance

NYSE:DY opened at $138.55 on Thursday. The firm has a market capitalization of $4.02 billion, a PE ratio of 18.23, 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 current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $166.92 and its 200 day simple moving average is $179.16.

Dycom Industries declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Dycom Industries

In other 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 transaction of $507,732.00. Following the sale, the director now directly owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This represents a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.28% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its holdings in Dycom Industries by 4.0% in the third quarter. State Street Corp now owns 1,158,585 shares of the construction company’s stock valued at $228,357,000 after purchasing an additional 44,321 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Dycom Industries by 4.3% in the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock valued at $131,278,000 after acquiring an additional 27,370 shares during the last quarter. Geode Capital Management LLC boosted its stake in Dycom Industries by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company’s stock worth $114,765,000 after acquiring an additional 8,307 shares during the last quarter. First Trust Advisors LP increased its stake in Dycom Industries by 142.9% in the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company’s stock valued at $86,405,000 after purchasing an additional 292,050 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in Dycom Industries in the fourth quarter worth $80,584,000. 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.