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 report released on Wednesday. The brokerage presently has a $95.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.44% from the company’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.”
DY has been the subject of several other reports. Vetr downgraded shares of Dycom Industries from a “hold” rating to a “sell” rating and set a $83.72 price target for the company. in a report on Wednesday, June 22nd. Stifel Nicolaus reiterated a “buy” rating on shares of Dycom Industries in a report on Sunday, August 28th. FBR & Co upped their price target on shares of Dycom Industries from $115.00 to $121.00 and gave the stock an “outperform” rating in a report on Thursday, August 25th. DA Davidson set a $110.00 price target on shares of Dycom Industries and gave the stock a “buy” rating in a report on Monday, August 22nd. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Dycom Industries in a report on Wednesday, September 28th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Dycom Industries presently has a consensus rating of “Buy” and an average target price of $98.57.
Dycom Industries (NYSE:DY) traded up 0.86% during midday trading on Wednesday, reaching $85.98. The company had a trading volume of 373,733 shares. The firm has a 50-day moving average of $83.71 and a 200-day moving average of $80.88. The stock has a market cap of $2.70 billion, a P/E ratio of 22.10 and a beta of 1.47. Dycom Industries has a 12 month low of $47.10 and a 12 month high of $98.45.
Dycom Industries (NYSE:DY) last issued its quarterly earnings results on Tuesday, August 23rd. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.09. The business earned $789.16 million during the quarter, compared to analysts’ expectations of $770.66 million. Dycom Industries had a return on equity of 27.39% and a net margin of 4.82%. The firm’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share. On average, equities analysts expect that Dycom Industries will post $5.37 EPS for the current fiscal year.
In other Dycom Industries news, CFO H Andrew Deferrari sold 9,147 shares of the stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $95.99, for a total transaction of $878,020.53. Following the completion of the sale, the chief financial officer now directly owns 103,168 shares in the company, valued at approximately $9,903,096.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard B. Vilsoet sold 28,642 shares of the stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $93.56, for a total value of $2,679,745.52. Following the sale, the vice president now owns 49,307 shares of the company’s stock, valued at $4,613,162.92. The disclosure for this sale can be found here. Company insiders own 4.96% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Tuttle Tactical Management LLC acquired a new stake in shares of Dycom Industries during the second quarter worth $116,000. Financial Architects Inc increased its stake in shares of Dycom Industries by 1,266.3% in the second quarter. Financial Architects Inc now owns 1,339 shares of the company’s stock worth $120,000 after buying an additional 1,241 shares during the last quarter. Societe Generale bought a new position in Dycom Industries during the second quarter worth about $125,000. C M Bidwell & Associates Ltd. bought a new position in Dycom Industries during the second quarter worth about $193,000. Finally, Commerce Bank bought a new position in Dycom Industries during the second quarter worth about $202,000.
Dycom Industries Company Profile
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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