Dycom Industries, Inc. (NYSE:DY) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its stake in Dycom Industries, Inc. (NYSE:DY) by 1.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 21,167 shares of the construction company’s stock after selling 337 shares during the quarter. State of Alaska Department of Revenue’s holdings in Dycom Industries were worth $3,223,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Dycom Industries by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 659,190 shares of the construction company’s stock valued at $114,765,000 after buying an additional 8,307 shares during the last quarter. First Trust Advisors LP lifted its stake in Dycom Industries by 142.9% in the fourth quarter. First Trust Advisors LP now owns 496,407 shares of the construction company’s stock valued at $86,405,000 after buying an additional 292,050 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Dycom Industries in the fourth quarter valued at $80,584,000. Assenagon Asset Management S.A. lifted its stake in Dycom Industries by 327.1% in the first quarter. Assenagon Asset Management S.A. now owns 399,226 shares of the construction company’s stock valued at $60,818,000 after buying an additional 305,755 shares during the last quarter. Finally, Norges Bank bought a new stake in Dycom Industries in the fourth quarter valued at $55,802,000. 98.33% of the stock is currently owned by institutional investors.

Dycom Industries Price Performance

Shares of Dycom Industries stock opened at $233.51 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.68 and a debt-to-equity ratio of 0.80. The company’s 50-day moving average price is $200.58 and its two-hundred day moving average price is $181.35. Dycom Industries, Inc. has a 52 week low of $131.37 and a 52 week high of $243.38. The stock has a market cap of $6.75 billion, a PE ratio of 29.60, a price-to-earnings-growth ratio of 1.33 and a beta of 1.32.

Dycom Industries (NYSE:DY) last issued its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 EPS for the quarter, topping the consensus estimate of $1.62 by $0.47. Dycom Industries had a net margin of 4.81% and a return on equity of 20.04%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the previous year, the business earned $2.12 earnings per share. Dycom Industries’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current fiscal year.

Dycom Industries announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DY shares. DA Davidson raised their target price on Dycom Industries from $220.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Wall Street Zen upgraded shares of Dycom Industries from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Raymond James Financial lifted their price objective on shares of Dycom Industries from $215.00 to $255.00 and gave the company a “strong-buy” rating in a research note on Thursday, May 22nd. KeyCorp cut 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 note on Wednesday, April 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Dycom Industries from $215.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, May 27th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $241.25.

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.