Castleark Management LLC Takes $9.51 Million Position in Dycom Industries, Inc. $DY

Castleark Management LLC bought a new position in shares of Dycom Industries, Inc. (NYSE:DY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,816 shares of the construction company’s stock, valued at approximately $9,513,000. Castleark Management LLC owned approximately 0.06% of Dycom Industries at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in 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 purchasing an additional 23,903,375 shares in the last quarter. Peconic Partners LLC boosted its position in shares of Dycom Industries by 2.8% in the second quarter. Peconic Partners LLC now owns 3,817,825 shares of the construction company’s stock valued at $933,038,000 after acquiring an additional 105,586 shares during the period. BlackRock Inc. purchased a new position in Dycom Industries during the second quarter valued at approximately $1,513,523,000. Hill City Capital LP bought a new stake in Dycom Industries during the 2nd quarter worth approximately $510,536,693,000. Finally, First Trust Advisors LP lifted its stake in Dycom Industries by 27.8% in the 1st quarter. First Trust Advisors LP now owns 798,699 shares of the construction company’s stock worth $270,615,000 after purchasing an additional 173,528 shares in the last quarter. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Stock Down 7.0%

Shares of Dycom Industries stock opened at $354.42 on Wednesday. Dycom Industries, Inc. has a twelve month low of $242.55 and a twelve month high of $566.47. The company has a quick ratio of 2.46, a current ratio of 2.58 and a debt-to-equity ratio of 1.48. The company’s 50 day moving average is $427.20 and its 200 day moving average is $415.67. The company has a market cap of $10.64 billion, a price-to-earnings ratio of 33.72, a price-to-earnings-growth ratio of 0.67 and a beta of 1.54.

Dycom Industries (NYSE:DY) last announced its earnings results on Wednesday, May 27th. The construction company reported $4.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.73 by $1.69. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.67 billion. Dycom Industries had a net margin of 4.98% and a return on equity of 24.13%. The company’s quarterly revenue was up 56.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.09 EPS. Research analysts anticipate that Dycom Industries, Inc. will post 15.45 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on DY shares. B. Riley Financial upped their target price on Dycom Industries from $485.00 to $625.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Zacks Research downgraded shares of Dycom Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. UBS Group reissued a “buy” rating on shares of Dycom Industries in a research note on Friday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Dycom Industries from $415.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Finally, Wells Fargo & Company upped their target price on shares of Dycom Industries from $500.00 to $650.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $578.09.

Dycom Industries Company Profile

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.