Dycom Industries, Inc. (DY) Price Target Cut to $110.00 by Analysts at Canaccord Genuity
Dycom Industries, Inc. (NYSE:DY) had its target price lowered by Canaccord Genuity from $120.00 to $110.00 in a research report sent to investors on Thursday. Canaccord Genuity currently has a buy rating on the construction company’s stock.
Several other analysts have also commented on DY. Zacks Investment Research lowered Dycom Industries from a buy rating to a hold rating in a research note on Monday, May 15th. FBR & Co reaffirmed an outperform rating and issued a $112.00 price target (down previously from $120.00) on shares of Dycom Industries in a research note on Thursday, May 25th. ValuEngine raised Dycom Industries from a hold rating to a buy rating in a research note on Thursday, May 25th. DA Davidson reaffirmed a neutral rating and issued a $97.00 price target (down previously from $105.00) on shares of Dycom Industries in a research note on Sunday, May 28th. Finally, BidaskClub raised Dycom Industries from a hold rating to a buy rating in a research note on Thursday, June 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $105.94.
Shares of Dycom Industries (DY) traded up 1.47% during midday trading on Thursday, reaching $81.87. The company’s stock had a trading volume of 294,243 shares. Dycom Industries has a 52-week low of $70.33 and a 52-week high of $110.64. The stock has a 50 day moving average price of $84.74 and a 200-day moving average price of $91.72. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 16.10 and a beta of 1.18. Dycom Industries also was the target of some unusual options trading on Tuesday. Investors bought 10,219 call options on the stock. This is an increase of approximately 940% compared to the average volume of 983 call options.
Dycom Industries (NYSE:DY) last announced its quarterly earnings results on Wednesday, August 30th. The construction company reported $1.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.03. The business had revenue of $780.20 million for the quarter, compared to analyst estimates of $798.62 million. Dycom Industries had a return on equity of 26.68% and a net margin of 5.13%. Dycom Industries’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.64 EPS. Equities research analysts expect that Dycom Industries will post $4.49 EPS for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Dycom Industries by 0.7% in the second quarter. Vanguard Group Inc. now owns 2,454,547 shares of the construction company’s stock valued at $219,732,000 after buying an additional 17,420 shares in the last quarter. RE Advisers Corp raised its position in shares of Dycom Industries by 1.1% in the first quarter. RE Advisers Corp now owns 1,727,252 shares of the construction company’s stock worth $160,548,000 after buying an additional 19,335 shares during the period. FMR LLC raised its position in shares of Dycom Industries by 1.4% in the first quarter. FMR LLC now owns 1,486,549 shares of the construction company’s stock worth $138,175,000 after buying an additional 20,948 shares during the period. State Street Corp raised its position in shares of Dycom Industries by 3.3% in the second quarter. State Street Corp now owns 1,023,232 shares of the construction company’s stock worth $91,602,000 after buying an additional 32,975 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Dycom Industries by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 929,812 shares of the construction company’s stock worth $83,236,000 after buying an additional 5,163 shares during the period.
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 program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
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