Dycom Industries (NYSE:DY) Rating Lowered to Strong Sell at Zacks Research

Dycom Industries (NYSE:DY) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms have also commented on DY. Guggenheim initiated coverage on shares of Dycom Industries in a research report on Thursday, January 22nd. They set a “buy” rating and a $510.00 price target on the stock. UBS Group lifted their target price on Dycom Industries from $373.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, January 12th. KeyCorp reiterated an “overweight” rating on shares of Dycom Industries in a report on Tuesday, January 27th. B. Riley Financial raised their price objective on Dycom Industries from $320.00 to $420.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, JPMorgan Chase & Co. upped their target price on shares of Dycom Industries from $370.00 to $395.00 and gave the company an “overweight” rating in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Dycom Industries has a consensus rating of “Moderate Buy” and an average price target of $395.20.

Dycom Industries Stock Down 2.1%

NYSE DY opened at $413.68 on Tuesday. The business’s fifty day simple moving average is $367.88 and its 200-day simple moving average is $316.29. The company has a quick ratio of 2.90, a current ratio of 3.09 and a debt-to-equity ratio of 0.62. The firm has a market cap of $11.98 billion, a PE ratio of 40.72, a P/E/G ratio of 1.85 and a beta of 1.36. Dycom Industries has a 52 week low of $131.37 and a 52 week high of $445.52.

Dycom Industries (NYSE:DY) last released its quarterly earnings data on Wednesday, November 19th. The construction company reported $3.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.15 by $0.48. Dycom Industries had a net margin of 5.75% and a return on equity of 22.21%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the business earned $2.68 earnings per share. Dycom Industries’s revenue was up 14.2% compared to the same quarter last year. As a group, equities analysts anticipate that Dycom Industries will post 7.13 earnings per share for the current year.

Insider Activity at Dycom Industries

In other news, Director Eitan Gertel sold 3,645 shares of the stock in a transaction on Friday, January 9th. The stock was sold at an average price of $345.62, for a total value of $1,259,784.90. Following the sale, the director directly owned 15,997 shares in the company, valued at approximately $5,528,883.14. This trade represents a 18.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dycom Industries

Institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its position in shares of Dycom Industries by 265,593,055.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 23,903,384 shares of the construction company’s stock worth $8,076,953,000 after buying an additional 23,903,375 shares during the last quarter. Nordea Investment Management AB boosted its stake in Dycom Industries by 5,603.6% in the fourth quarter. Nordea Investment Management AB now owns 405,580 shares of the construction company’s stock valued at $139,057,000 after acquiring an additional 398,469 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Dycom Industries by 21.0% during the third quarter. Millennium Management LLC now owns 1,324,938 shares of the construction company’s stock worth $386,564,000 after purchasing an additional 229,579 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Dycom Industries during the third quarter worth about $44,553,000. Finally, Bornite Capital Management LP acquired a new stake in shares of Dycom Industries during the third quarter worth about $43,764,000. Hedge funds and other institutional investors own 98.33% of the company’s stock.

About Dycom Industries

Dycom Industries, Inc (NYSE: DY) is a leading provider of specialty contracting services to the telecommunications industry in North America. The company delivers engineering, construction, installation and maintenance solutions for communications infrastructure, supporting a broad range of network technologies and system architectures. Dycom’s services span outside plant construction, cable placement, fiber optic deployment, wireless and wireline network engineering, as well as testing and turn-up services for voice, data and video applications.

Dycom’s customer base includes major telecommunications carriers, cable operators, utility companies and competitive local exchange carriers.