Millennium Management LLC Purchases 96,846 Shares of Dycom Industries, Inc. (NYSE:DY)

Millennium Management LLC increased its position in Dycom Industries, Inc. (NYSE:DY) by 6.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,631,453 shares of the construction company’s stock after purchasing an additional 96,846 shares during the period. Millennium Management LLC owned approximately 5.61% of Dycom Industries worth $275,324,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Dycom Industries during the 4th quarter valued at about $33,679,000. Wells Fargo & Company MN lifted its stake in Dycom Industries by 2.1% during the 4th quarter. Wells Fargo & Company MN now owns 133,155 shares of the construction company’s stock valued at $15,325,000 after acquiring an additional 2,683 shares during the period. Corient Private Wealth LLC lifted its stake in Dycom Industries by 144.9% during the 4th quarter. Corient Private Wealth LLC now owns 6,954 shares of the construction company’s stock valued at $800,000 after acquiring an additional 4,115 shares during the period. US Bancorp DE lifted its stake in Dycom Industries by 109.3% during the 4th quarter. US Bancorp DE now owns 14,623 shares of the construction company’s stock valued at $1,683,000 after acquiring an additional 7,638 shares during the period. Finally, TD Asset Management Inc lifted its stake in Dycom Industries by 52.4% during the 4th quarter. TD Asset Management Inc now owns 9,600 shares of the construction company’s stock valued at $1,105,000 after acquiring an additional 3,300 shares during the period. Institutional investors own 98.33% of the company’s stock.

Insider Buying and Selling

In related news, VP Jason T. Lawson sold 856 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $174.48, for a total value of $149,354.88. Following the completion of the sale, the vice president now directly owns 6,937 shares in the company, valued at $1,210,367.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DY has been the topic of several recent research reports. StockNews.com cut shares of Dycom Industries from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. B. Riley increased their price objective on shares of Dycom Industries from $205.00 to $208.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Wells Fargo & Company increased their price objective on shares of Dycom Industries from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. KeyCorp increased their price objective on shares of Dycom Industries from $195.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Bank of America increased their price objective on shares of Dycom Industries from $198.00 to $204.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Dycom Industries currently has a consensus rating of “Buy” and a consensus price target of $199.57.

Dycom Industries Trading Down 2.3 %

Shares of DY opened at $191.62 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.44 and a quick ratio of 3.25. The firm has a market cap of $5.57 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 2.09 and a beta of 1.41. Dycom Industries, Inc. has a 1 year low of $78.42 and a 1 year high of $199.77. The company has a 50 day simple moving average of $181.64 and a two-hundred day simple moving average of $165.37.

Dycom Industries (NYSE:DY) last posted its earnings results on Wednesday, August 21st. The construction company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.20. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.03 EPS. On average, equities analysts expect that Dycom Industries, Inc. will post 8.02 earnings per share for the current fiscal year.

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.