Dycom Industries, Inc. (NYSE:DY) Short Interest Down 25.6% in March

Dycom Industries, Inc. (NYSE:DY) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 1,250,000 shares, a decrease of 25.6% from the February 28th total of 1,680,000 shares. Based on an average daily volume of 528,400 shares, the short-interest ratio is currently 2.4 days. Approximately 4.5% of the company’s stock are sold short.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Raymond James upped their price target on Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th. B. Riley reduced their target price on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, KeyCorp decreased their target price on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $204.38.

Dycom Industries Trading Down 0.3 %

NYSE DY opened at $153.72 on Friday. Dycom Industries has a 12 month low of $133.00 and a 12 month high of $207.20. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average of $171.10 and a 200-day moving average of $180.32. The company has a market cap of $4.45 billion, a PE ratio of 20.23, a PEG ratio of 1.29 and a beta of 1.34.

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

Insiders Place Their Bets

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the company’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 completion of the transaction, the director now directly owns 14,533 shares of the company’s stock, valued at $2,544,437.64. This represents a 16.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in shares of Dycom Industries in the 3rd quarter valued at about $28,000. SOA Wealth Advisors LLC. bought a new stake in Dycom Industries in the third quarter valued at approximately $39,000. Westside Investment Management Inc. acquired a new stake in shares of Dycom Industries in the third quarter valued at approximately $41,000. Anchor Investment Management LLC lifted its position in shares of Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock valued at $53,000 after buying an additional 73 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after acquiring an additional 71 shares during the period. Institutional investors own 98.33% of the company’s stock.

Dycom Industries Company 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.