Dycom Industries (NYSE:DY) Sets New 52-Week High Following Strong Earnings

Dycom Industries, Inc. (NYSE:DY)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $228.66 and last traded at $224.01, with a volume of 1282172 shares trading hands. The stock had previously closed at $193.62.

The construction company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.47. Dycom Industries had a net margin of 4.91% and a return on equity of 20.99%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm earned $2.12 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year.

Dycom Industries declared that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the construction company to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on DY shares. JPMorgan Chase & Co. started coverage on shares of Dycom Industries in a report on Monday, April 21st. They issued an “overweight” rating and a $200.00 price target for the company. KeyCorp reduced their price objective on shares of Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Raymond James increased their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th. Wells Fargo & Company increased their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, B. Riley reduced their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $201.89.

Hedge Funds Weigh In On Dycom Industries

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc purchased a new position in shares of Dycom Industries during the first quarter worth approximately $28,000. AlphaQuest LLC purchased a new position in shares of Dycom Industries during the first quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its position in shares of Dycom Industries by 26.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares during the period. GeoWealth Management LLC increased its position in shares of Dycom Industries by 35.9% during the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock worth $61,000 after acquiring an additional 92 shares during the period. Finally, Anchor Investment Management LLC increased its position in shares of Dycom Industries by 37.5% during the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock worth $64,000 after acquiring an additional 100 shares during the period. 98.33% of the stock is owned by hedge funds and other institutional investors.

Dycom Industries Trading Up 15.7%

The firm has a market capitalization of $6.45 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The stock’s 50-day moving average price is $165.72 and its 200 day moving average price is $174.23. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

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.