Millennium Management LLC Purchases 96,846 Shares of Dycom Industries, Inc. (NYSE:DY)

Millennium Management LLC lifted its position in Dycom Industries, Inc. (NYSE:DY) by 6.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,631,453 shares of the construction company’s stock after buying an additional 96,846 shares during the period. Millennium Management LLC owned 0.06% of Dycom Industries worth $275,324,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in DY. Norges Bank bought a new stake in shares of Dycom Industries in the fourth quarter valued at about $33,679,000. Assenagon Asset Management S.A. raised its holdings in Dycom Industries by 2,353.9% in the second quarter. Assenagon Asset Management S.A. now owns 158,988 shares of the construction company’s stock worth $26,831,000 after purchasing an additional 152,509 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Dycom Industries by 2,543.6% in the second quarter. Renaissance Technologies LLC now owns 103,100 shares of the construction company’s stock worth $17,399,000 after purchasing an additional 99,200 shares in the last quarter. Appian Way Asset Management LP raised its holdings in Dycom Industries by 84.2% in the first quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock worth $28,328,000 after purchasing an additional 90,198 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Dycom Industries by 36.3% in the fourth quarter. First Trust Advisors LP now owns 271,782 shares of the construction company’s stock worth $31,279,000 after purchasing an additional 72,415 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors.

Dycom Industries Stock Performance

DY opened at $191.62 on Friday. Dycom Industries, Inc. has a 52-week low of $78.42 and a 52-week high of $199.77. The company has a quick ratio of 3.25, a current ratio of 3.44 and a debt-to-equity ratio of 0.81. The company has a market cap of $5.57 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 2.09 and a beta of 1.41. The firm’s 50-day moving average price is $181.64 and its 200-day moving average price is $165.37.

Dycom Industries (NYSE:DY) last issued its earnings results on Wednesday, August 21st. The construction company reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.20. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Dycom Industries had a return on equity of 22.28% and a net margin of 5.37%. Dycom Industries’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.03 earnings per share. As a group, equities analysts anticipate that Dycom Industries, Inc. will post 8.02 EPS for the current fiscal year.

Insider Activity at Dycom Industries

In other Dycom Industries news, VP Jason T. Lawson sold 856 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $174.48, for a total value of $149,354.88. Following the sale, the vice president now owns 6,937 shares in the company, valued at approximately $1,210,367.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.28% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DY has been the subject of a number of recent research reports. KeyCorp boosted their target price on shares of Dycom Industries from $195.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. StockNews.com downgraded shares of Dycom Industries from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Wells Fargo & Company boosted their target price on shares of Dycom Industries from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Bank of America upped their price objective on shares of Dycom Industries from $198.00 to $204.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, B. Riley upped their price objective on shares of Dycom Industries from $205.00 to $208.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $199.57.

Dycom Industries Profile

Dycom Industries, Inc provides specialty contracting services to the telecommunications infrastructure and utility industries in the United States. The company offers engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems; wireless networks in connection with the deployment of macro cell and new small cell sites; and program and project management and inspection personnel.