Dycom Industries Target of Unusually High Options Trading (NYSE:DY)

Dycom Industries, Inc. (NYSE:DY) was the recipient of some unusual options trading activity on Wednesday. Traders bought 2,438 call options on the stock. This represents an increase of approximately 860% compared to the average daily volume of 254 call options.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors grew its stake in Dycom Industries by 95.7% during the first quarter. Captrust Financial Advisors now owns 1,082 shares of the construction company’s stock valued at $100,000 after acquiring an additional 529 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in Dycom Industries by 70.9% during the first quarter. Cubist Systematic Strategies LLC now owns 7,377 shares of the construction company’s stock valued at $685,000 after acquiring an additional 3,060 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Dycom Industries during the first quarter valued at $3,714,000. Oppenheimer Asset Management Inc. grew its stake in Dycom Industries by 4.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 21,948 shares of the construction company’s stock valued at $2,038,000 after acquiring an additional 932 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Dycom Industries by 6.7% during the first quarter. Principal Financial Group Inc. now owns 635,481 shares of the construction company’s stock valued at $59,004,000 after acquiring an additional 39,917 shares in the last quarter. 92.20% of the stock is owned by hedge funds and other institutional investors.

DY has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Dycom Industries from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research note on Wednesday, August 4th. KeyCorp lifted their price objective on shares of Dycom Industries from $104.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday. DA Davidson boosted their price target on shares of Dycom Industries from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Dycom Industries from $85.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, B. Riley boosted their price target on shares of Dycom Industries from $86.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $109.17.

DY stock traded down $0.94 during midday trading on Wednesday, reaching $98.97. 858,474 shares of the company’s stock traded hands, compared to its average volume of 365,079. Dycom Industries has a 52-week low of $61.50 and a 52-week high of $105.28. The stock has a market cap of $2.99 billion, a P/E ratio of 64.27 and a beta of 1.59. The company has a current ratio of 3.30, a quick ratio of 3.15 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average is $76.39 and its 200 day moving average is $75.57.

Dycom Industries (NYSE:DY) last announced its quarterly earnings data on Tuesday, November 23rd. The construction company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.26. The firm had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $815.89 million. Dycom Industries had a net margin of 1.59% and a return on equity of 5.95%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 earnings per share. As a group, research analysts expect that Dycom Industries will post 1.35 EPS for the current fiscal year.

About Dycom Industries

Dycom Industries, Inc provides contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others.

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