Congress Wealth Management LLC DE Reduces Stock Position in Dycom Industries, Inc. (NYSE:DY)

Congress Wealth Management LLC DE trimmed its position in Dycom Industries, Inc. (NYSE:DY) by 55.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,247 shares of the construction company’s stock after selling 11,557 shares during the period. Congress Wealth Management LLC DE’s holdings in Dycom Industries were worth $1,610,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of DY. LPL Financial LLC boosted its holdings in shares of Dycom Industries by 15.1% during the fourth quarter. LPL Financial LLC now owns 10,113 shares of the construction company’s stock worth $1,760,000 after purchasing an additional 1,326 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Dycom Industries during the fourth quarter worth about $1,079,000. American Century Companies Inc. boosted its stake in Dycom Industries by 108.1% in the 4th quarter. American Century Companies Inc. now owns 35,575 shares of the construction company’s stock worth $6,192,000 after buying an additional 18,476 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Dycom Industries by 81.5% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 49,985 shares of the construction company’s stock valued at $8,707,000 after buying an additional 22,450 shares during the period. Finally, Xponance Inc. increased its stake in shares of Dycom Industries by 8.8% during the 4th quarter. Xponance Inc. now owns 2,047 shares of the construction company’s stock valued at $356,000 after acquiring an additional 166 shares during the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Raymond James raised their target price on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th. KeyCorp decreased 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. Finally, B. Riley dropped their price objective on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $204.38.

Dycom Industries Price Performance

Dycom Industries stock opened at $157.95 on Thursday. The firm has a fifty day moving average of $172.54 and a 200-day moving average of $180.66. Dycom Industries, Inc. has a 52-week low of $133.00 and a 52-week high of $207.20. 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 firm has a market capitalization of $4.58 billion, a P/E ratio of 20.78, a PEG ratio of 1.29 and a beta of 1.34.

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

Insider Buying and Selling

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was 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 document filed with the SEC, which is available through this hyperlink. 4.28% of the stock is owned by corporate insiders.

About Dycom Industries

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.