Ameriprise Financial Inc. Lowers Stake in Dycom Industries, Inc. (NYSE:DY)

Ameriprise Financial Inc. reduced its position in shares of Dycom Industries, Inc. (NYSE:DY) by 13.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,065 shares of the construction company’s stock after selling 14,900 shares during the quarter. Ameriprise Financial Inc. owned 0.33% of Dycom Industries worth $16,547,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after buying an additional 71 shares in the last quarter. GeoWealth Management LLC lifted its stake in Dycom Industries by 35.9% in the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock valued at $61,000 after buying an additional 92 shares in the last quarter. Anchor Investment Management LLC lifted its stake in Dycom Industries by 37.5% in the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock valued at $64,000 after buying an additional 100 shares in the last quarter. Federated Hermes Inc. lifted its stake in Dycom Industries by 107.0% in the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock valued at $67,000 after buying an additional 200 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Dycom Industries by 34.7% in the 4th quarter. First Horizon Advisors Inc. now owns 392 shares of the construction company’s stock valued at $68,000 after buying an additional 101 shares in the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on DY. B. Riley decreased their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. KeyCorp decreased their target price on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. JPMorgan Chase & Co. initiated coverage on shares of Dycom Industries in a research report on Monday, April 21st. They set an “overweight” rating and a $200.00 price target on the stock. Finally, Raymond James lifted their price target on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $200.22.

Dycom Industries Trading Up 1.3%

NYSE:DY opened at $194.54 on Friday. The stock has a 50-day simple moving average of $162.61 and a 200-day simple moving average of $173.64. The stock has a market cap of $5.60 billion, a P/E ratio of 25.60, a P/E/G ratio of 1.29 and a beta of 1.27. Dycom Industries, Inc. has a 1 year low of $131.37 and a 1 year high of $207.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.93 and a current ratio of 3.12.

Dycom Industries declared that its board has initiated a stock buyback program on Wednesday, February 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the construction company to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.