Dycom Industries Inc. (DY) Upgraded at Zacks Investment Research
Dycom Industries Inc. (NYSE:DY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $95.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 14.06% from the stock’s current price.
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.”
Other equities research analysts also recently issued reports about the stock. DA Davidson set a $110.00 price target on shares of Dycom Industries and gave the stock a “buy” rating in a research note on Monday, August 22nd. Vetr raised shares of Dycom Industries from a “hold” rating to a “strong-buy” rating and set a $110.54 price target for the company in a research note on Thursday, September 8th. FBR & Co boosted their price target on shares of Dycom Industries from $115.00 to $121.00 and gave the stock an “outperform” rating in a research note on Thursday, August 25th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Dycom Industries in a research note on Wednesday, September 28th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $98.57.
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Dycom Industries (NYSE:DY) traded down 1.23% on Wednesday, hitting $83.29. 291,000 shares of the stock traded hands. The stock has a 50-day moving average price of $83.54 and a 200 day moving average price of $81.07. Dycom Industries has a 12-month low of $47.10 and a 12-month high of $98.45. The stock has a market cap of $2.62 billion, a P/E ratio of 21.41 and a beta of 1.47.
Dycom Industries (NYSE:DY) last issued its earnings results on Tuesday, August 23rd. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.09. Dycom Industries had a net margin of 4.82% and a return on equity of 27.39%. The business had revenue of $789.16 million for the quarter, compared to analyst estimates of $770.66 million. During the same period in the previous year, the business earned $0.97 EPS. The firm’s revenue was up 36.4% on a year-over-year basis. On average, equities analysts expect that Dycom Industries will post $5.37 EPS for the current fiscal year.
In related news, CFO H Andrew Deferrari sold 9,147 shares of the business’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $95.99, for a total transaction of $878,020.53. Following the completion of the transaction, the chief financial officer now owns 103,168 shares in the company, valued at $9,903,096.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Timothy R. Estes sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $96.03, for a total transaction of $960,300.00. Following the transaction, the chief operating officer now owns 233,812 shares of the company’s stock, valued at approximately $22,452,966.36. 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 modified their holdings of the stock. Bank of Montreal Can bought a new position in Dycom Industries during the second quarter valued at $18,977,000. Emerald Advisers Inc. PA bought a new position in Dycom Industries during the second quarter valued at $18,414,000. Emerald Mutual Fund Advisers Trust bought a new position in Dycom Industries during the second quarter valued at $15,881,000. Emerald Acquisition Ltd. bought a new position in Dycom Industries during the second quarter valued at $14,554,000. Finally, Clovis Capital Management LP bought a new position in Dycom Industries during the first quarter valued at $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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