Dycom Industries Inc. (NYSE:DY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $95.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.65% from the company’s previous close.
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.”
Other equities research analysts have also recently issued reports about the stock. Vetr raised shares of Dycom Industries from a “hold” rating to a “buy” rating and set a $98.88 target price on the stock in a research report on Tuesday, August 23rd. DA Davidson set a $110.00 price target on shares of Dycom Industries and gave the company a “buy” rating in a report on Monday, August 22nd. Stifel Nicolaus restated a “buy” rating on shares of Dycom Industries in a report on Sunday, August 28th. Wells Fargo & Co. restated a “buy” rating on shares of Dycom Industries in a report on Wednesday, September 28th. Finally, FBR & Co raised their price target on shares of Dycom Industries from $115.00 to $121.00 and gave the company an “outperform” rating in a report on Thursday, August 25th. One research 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. The stock presently has a consensus rating of “Buy” and an average target price of $98.57.
Dycom Industries (NYSE:DY) opened at 84.33 on Wednesday. Dycom Industries has a one year low of $47.10 and a one year high of $98.45. The stock has a 50 day moving average of $83.67 and a 200 day moving average of $80.93. The firm has a market cap of $2.65 billion, a PE ratio of 21.68 and a beta of 1.47.
Dycom Industries (NYSE:DY) last released its earnings results on Tuesday, August 23rd. The company reported $1.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.09. Dycom Industries had a net margin of 4.82% and a return on equity of 27.39%. The business had revenue of $789.16 million for the quarter, compared to analysts’ expectations of $770.66 million. During the same period last year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 36.4% on a year-over-year basis. On average, equities analysts forecast that Dycom Industries will post $5.37 earnings per share for the current year.
In related news, VP Kimberly L. Dickens sold 1,661 shares of Dycom Industries stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $95.87, for a total value of $159,240.07. Following the completion of the sale, the vice president now owns 5,439 shares in the company, valued at $521,436.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Timothy R. Estes sold 10,000 shares of Dycom Industries stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $96.03, for a total transaction of $960,300.00. Following the completion of the sale, the chief operating officer now owns 233,812 shares of the company’s stock, valued at approximately $22,452,966.36. The disclosure for this sale can be found here. Insiders own 4.96% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Independent Portfolio Consultants Inc. bought a new stake in shares of Dycom Industries during the third quarter worth about $539,000. Eqis Capital Management Inc. raised its stake in shares of Dycom Industries by 3.8% in the third quarter. Eqis Capital Management Inc. now owns 14,623 shares of the company’s stock worth $1,196,000 after buying an additional 529 shares during the period. Macquarie Group Ltd. bought a new stake in shares of Dycom Industries during the second quarter worth about $4,524,000. Nomura Holdings Inc. raised its stake in shares of Dycom Industries by 367.6% in the second quarter. Nomura Holdings Inc. now owns 38,145 shares of the company’s stock worth $3,402,000 after buying an additional 29,988 shares during the period. Finally, Mason Street Advisors LLC bought a new stake in shares of Dycom Industries during the second quarter worth about $550,000.
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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