By otakuyassine3@gmail.com 
Pictet Asset Management Holding SA lifted its stake in shares of Dycom Industries, Inc. (NYSE:DY – Free Report) by 8.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,190 shares of the construction company’s stock after acquiring an additional 324 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Dycom Industries were worth $729,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. New Age Alpha Advisors LLC acquired a new stake in Dycom Industries during the 4th quarter valued at approximately $1,015,000. Norges Bank bought a new stake in shares of Dycom Industries in the 4th quarter valued at $55,802,000. JPMorgan Chase & Co. increased its position in shares of Dycom Industries by 119.8% during the fourth quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company’s stock worth $30,734,000 after buying an additional 96,252 shares during the period. EFG Asset Management North America Corp. raised its stake in Dycom Industries by 58.4% during the fourth quarter. EFG Asset Management North America Corp. now owns 25,264 shares of the construction company’s stock worth $4,402,000 after buying an additional 9,316 shares during the last quarter. Finally, LPL Financial LLC raised its stake in Dycom Industries by 15.1% during the fourth quarter. LPL Financial LLC now owns 10,113 shares of the construction company’s stock worth $1,760,000 after buying an additional 1,326 shares during the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.
Dycom Industries Price Performance
Shares of DY opened at $140.81 on Tuesday. The business’s fifty day moving average is $166.17 and its 200 day moving average is $178.63. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month high of $207.20. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The stock has a market cap of $4.08 billion, a P/E ratio of 18.53, a P/E/G ratio of 1.29 and a beta of 1.36.
Dycom Industries declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. Wells Fargo & Company cut their price target on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. KeyCorp cut their target price on Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Raymond James lifted their target price on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 4th. Finally, B. Riley cut their price target on Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $202.50.
Check Out Our Latest Analysis on DY
Insider Buying and Selling 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 stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.28% of the company’s stock.
Dycom Industries 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.
Further Reading
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