OVERSEA CHINESE BANKING Corp Ltd Boosts Holdings in Dycom Industries, Inc. (NYSE:DY)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Dycom Industries, Inc. (NYSE:DY) by 81.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 49,985 shares of the construction company’s stock after acquiring an additional 22,450 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Dycom Industries were worth $8,707,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its stake in Dycom Industries by 4.0% in the third quarter. State Street Corp now owns 1,158,585 shares of the construction company’s stock worth $228,357,000 after purchasing an additional 44,321 shares during the last quarter. FMR LLC lifted its stake in shares of Dycom Industries by 2.4% in the 3rd quarter. FMR LLC now owns 772,666 shares of the construction company’s stock valued at $152,292,000 after acquiring an additional 17,862 shares during the last quarter. Hill City Capital LP boosted its holdings in Dycom Industries by 2.3% during the 3rd quarter. Hill City Capital LP now owns 679,784 shares of the construction company’s stock valued at $133,985,000 after acquiring an additional 15,000 shares during the period. Principal Financial Group Inc. grew its position in Dycom Industries by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 666,051 shares of the construction company’s stock worth $131,278,000 after acquiring an additional 27,370 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Dycom Industries by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 650,883 shares of the construction company’s stock worth $128,315,000 after purchasing an additional 9,113 shares during the period. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Insider Transactions at Dycom Industries

In related news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the transaction, the director now owns 14,533 shares in the company, valued at $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Dycom Industries Stock Performance

Shares of DY stock opened at $156.26 on Wednesday. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The stock has a fifty day moving average of $175.08 and a 200 day moving average of $181.28. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 1.29 and a beta of 1.34. Dycom Industries, Inc. has a 52 week low of $133.00 and a 52 week high of $207.20.

Dycom Industries announced that its board has authorized a stock buyback plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

DY has been the subject of a number of analyst reports. Raymond James increased their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 4th. DA Davidson reissued a “buy” rating and set a $210.00 price target on shares of Dycom Industries in a research report on Tuesday, November 19th. Finally, KeyCorp cut their price target on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $205.38.

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.