Dycom Industries (NYSE:DY) Hits New 12-Month High on Better-Than-Expected Earnings

Dycom Industries, Inc. (NYSE:DY) hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $104.27 and last traded at $102.10, with a volume of 1657 shares trading hands. The stock had previously closed at $99.91.

The construction company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.26. Dycom Industries had a net margin of 1.59% and a return on equity of 5.95%. The firm had revenue of $854.00 million during the quarter, compared to analyst estimates of $815.89 million. During the same quarter in the prior year, the firm earned $1.06 EPS. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year.

Several equities research analysts have recently commented on the stock. B. Riley upped their price target on shares of Dycom Industries from $86.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Craig Hallum upped their price target on shares of Dycom Industries from $110.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday. KeyCorp upped their price target on shares of Dycom Industries from $104.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson increased their target price on shares of Dycom Industries from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Zacks Investment Research lowered shares of Dycom Industries from a “hold” rating to a “sell” rating and set a $74.00 target price for the company. in a report on Wednesday, August 4th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $109.17.

A number of hedge funds have recently bought and sold shares of DY. Captrust Financial Advisors boosted its stake in Dycom Industries by 95.7% in the 1st quarter. Captrust Financial Advisors now owns 1,082 shares of the construction company’s stock worth $100,000 after purchasing an additional 529 shares during the period. Cubist Systematic Strategies LLC boosted its stake in Dycom Industries by 70.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 7,377 shares of the construction company’s stock worth $685,000 after purchasing an additional 3,060 shares during the period. Canada Pension Plan Investment Board bought a new position in Dycom Industries in the 1st quarter worth approximately $3,714,000. Oppenheimer Asset Management Inc. boosted its stake in Dycom Industries by 4.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,948 shares of the construction company’s stock worth $2,038,000 after purchasing an additional 932 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Dycom Industries by 6.7% in the 1st quarter. Principal Financial Group Inc. now owns 635,481 shares of the construction company’s stock worth $59,004,000 after purchasing an additional 39,917 shares during the period. Institutional investors and hedge funds own 92.20% of the company’s stock.

The company has a current ratio of 3.30, a quick ratio of 3.15 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $2.99 billion, a P/E ratio of 64.27 and a beta of 1.59. The company has a 50 day simple moving average of $77.54 and a two-hundred day simple moving average of $75.73.

About Dycom Industries (NYSE:DY)

Dycom Industries, Inc provides contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others.

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