Zacks Investment Research upgraded shares of Dycom Industries Inc. (NYSE:DY) from a hold rating to a buy rating in a report issued on Wednesday. The brokerage currently has $95.00 price objective on the stock.
According to Zacks, “Dycom has a robust earnings surprise history, beating estimates thrice over the last four trailing quarters. Encouragingly, the company’s current year earnings estimates have moved north by 2.1% over the past couple of months. Rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services remain strong growth drivers for Dycom. Extensive deployment of 1-Gigabyte wireline networks and the ongoing Connect America Fund II project add to its prospects. Moreover, the company’s solid track record of contract wins, strong customer relationships and the ability to renew existing ones add to its strength. Also, Dycom’s solid backlog levels hint at better prospects, going forward. However, uncertainties in the macroeconomic environment, especially fluctuations in oil prices and unfavorable weather conditions, remain headwinds for the company.”
A number of other research firms have also commented on DY. Vetr lowered Dycom Industries from a hold rating to a sell rating and set a $90.92 price objective on the stock. in a research note on Monday, August 8th. Wells Fargo & Co. restated a buy rating on shares of Dycom Industries in a research note on Wednesday, September 28th. DA Davidson set a $110.00 price objective on Dycom Industries and gave the stock a buy rating in a research note on Monday, August 22nd. Finally, FBR & Co raised their price objective on Dycom Industries from $115.00 to $121.00 and gave the stock an outperform rating in a research note on Thursday, August 25th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $98.57.
Shares of Dycom Industries (NYSE:DY) traded down 0.20% during trading on Wednesday, hitting $84.63. The stock had a trading volume of 78,910 shares. The stock has a 50 day moving average price of $83.70 and a 200-day moving average price of $80.90. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 21.76 and a beta of 1.47. Dycom Industries has a one year low of $47.10 and a one year high of $98.45.
Dycom Industries (NYSE:DY) last announced its earnings results on Tuesday, August 23rd. The company reported $1.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.09. Dycom Industries had a return on equity of 27.39% and a net margin of 4.82%. The company had revenue of $789.16 million for the quarter, compared to analyst estimates of $770.66 million. During the same quarter last year, the company earned $0.97 earnings per share. The firm’s quarterly revenue was up 36.4% compared to the same quarter last year. On average, equities research analysts predict that Dycom Industries will post $5.37 earnings per share for the current year.
In related news, VP Richard B. Vilsoet sold 28,642 shares of the firm’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $93.56, for a total transaction of $2,679,745.52. Following the sale, the vice president now owns 49,307 shares of the company’s stock, valued at approximately $4,613,162.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rebecca Brightly Roach sold 1,000 shares of the firm’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $94.37, for a total value of $94,370.00. Following the sale, the chief accounting officer now directly owns 8,534 shares in the company, valued at approximately $805,353.58. The disclosure for this sale can be found here. Corporate insiders own 4.96% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Montreal Can bought a new position in shares of Dycom Industries during the second quarter valued at approximately $18,977,000. Emerald Advisers Inc. PA bought a new position in shares of Dycom Industries during the second quarter valued at approximately $18,414,000. Emerald Mutual Fund Advisers Trust bought a new position in shares of Dycom Industries during the second quarter valued at approximately $15,881,000. Emerald Acquisition Ltd. bought a new position in shares of Dycom Industries during the second quarter valued at approximately $14,554,000. Finally, Clovis Capital Management LP bought a new position in shares of Dycom Industries during the first quarter valued at approximately $9,649,000.
About Dycom Industries
Dycom Industries, Inc is a provider of specialty contracting services throughout the United States and in Canada. The Company, through its subsidiaries, provides engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities.
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