Zacks Investment Research upgraded shares of Dycom Industries, Inc. (NYSE:DY) from a strong sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Dycom’s earnings have benefited from a robust operating performance and top-line improvement in the recent past. Going forward, favorable industry trends like surging demand for 1-Gigabyte deployment, huge investment in wireline networks and cable capacity projects boost growth. Over the past few quarters, rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services proved conducive to the growth of the company. However, initiations of large-scale network deployments, particularly those occurring during periods of customer M&A activity, remain vulnerable to timing uncertainty. The guidance for fiscal first-quarter 2018 reflects compressed gross margin expectations due to an adverse mix of work activity during the period. Also, poor contribution from acquired businesses might also hamper growth. Over the past one year, Dycom’s shares have underperformed the industry average. “

Other analysts have also issued research reports about the company. FBR & Co lifted their price objective on Dycom Industries from $98.00 to $112.00 and gave the stock a buy rating in a report on Wednesday, August 30th. BidaskClub lowered Dycom Industries from a buy rating to a hold rating in a report on Thursday, July 13th. Craig Hallum reissued a buy rating and set a $90.00 price objective (down previously from $115.00) on shares of Dycom Industries in a report on Thursday, August 31st. They noted that the move was a valuation call. KeyCorp raised Dycom Industries from a sector weight rating to an overweight rating and set a $87.00 price objective on the stock in a report on Wednesday, August 30th. Finally, Deutsche Bank AG began coverage on Dycom Industries in a report on Tuesday, September 26th. They set a buy rating and a $103.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $102.71.

Shares of Dycom Industries (NYSE:DY) traded down $0.28 during trading hours on Tuesday, hitting $87.55. The stock had a trading volume of 263,768 shares, compared to its average volume of 414,070. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. The company has a current ratio of 2.95, a quick ratio of 2.69 and a debt-to-equity ratio of 1.10.

Dycom Industries (NYSE:DY) last announced its quarterly earnings data on Wednesday, August 30th. The construction company reported $1.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.03. Dycom Industries had a return on equity of 26.68% and a net margin of 5.13%. The company had revenue of $780.20 million for the quarter, compared to analyst estimates of $798.62 million. During the same quarter last year, the firm earned $1.64 EPS. Dycom Industries’s revenue for the quarter was down 1.1% compared to the same quarter last year. sell-side analysts anticipate that Dycom Industries will post 4.35 EPS for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Dycom Industries by 0.7% in the 2nd 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. State Street Corp boosted its stake in Dycom Industries by 3.3% in the 2nd quarter. State Street Corp now owns 1,023,232 shares of the construction company’s stock valued at $91,602,000 after buying an additional 32,975 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Dycom Industries by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 929,812 shares of the construction company’s stock valued at $83,236,000 after buying an additional 5,163 shares in the last quarter. Federated Investors Inc. PA boosted its stake in Dycom Industries by 24.1% in the 2nd quarter. Federated Investors Inc. PA now owns 816,246 shares of the construction company’s stock valued at $73,070,000 after buying an additional 158,312 shares in the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake in Dycom Industries by 9,665.8% in the 2nd quarter. Harbour Capital Advisors LLC now owns 725,112 shares of the construction company’s stock valued at $8,100,000 after buying an additional 717,687 shares in the last quarter.

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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