Dycom Industries (NYSE:DY) Shares Gap Up Following Strong Earnings

Dycom Industries, Inc. (NYSE:DY – Get Rating) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $100.36, but opened at $106.82. Dycom Industries shares last traded at $100.00, with a volume of 328,322 shares.

The construction company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $1.03. Dycom Industries had a return on equity of 16.43% and a net margin of 3.73%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $940.22 million. During the same quarter in the prior year, the firm earned $0.51 earnings per share. Dycom Industries’s revenue was up 19.3% compared to the same quarter last year.

Analysts Set New Price Targets

Several brokerages recently issued reports on DY. Craig Hallum increased their price objective on Dycom Industries from $110.00 to $124.00 and gave the stock a “buy” rating in a research note on Thursday, March 2nd. UBS Group upped their target price on Dycom Industries from $124.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, March 2nd. StockNews.com began coverage on Dycom Industries in a report on Thursday, May 18th. They set a “buy” rating for the company. Finally, Wells Fargo & Company upgraded Dycom Industries from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $105.00 to $120.00 in a report on Thursday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $128.80.

Insider Activity

In other news, VP Ryan F. Urness sold 3,300 shares of the stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $94.90, for a total transaction of $313,170.00. Following the completion of the sale, the vice president now owns 26,242 shares in the company, valued at approximately $2,490,365.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO H Andrew Deferrari sold 10,282 shares of the firm’s stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $94.11, for a total value of $967,639.02. Following the completion of the transaction, the chief financial officer now owns 148,425 shares in the company, valued at approximately $13,968,276.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Ryan F. Urness sold 3,300 shares of the firm’s stock in a transaction on Thursday, March 30th. The stock was sold at an average price of $94.90, for a total value of $313,170.00. Following the completion of the transaction, the vice president now owns 26,242 shares of the company’s stock, valued at approximately $2,490,365.80. The disclosure for this sale can be found here. Company insiders own 4.25% of the company’s stock.

Institutional Investors Weigh In On Dycom Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Credit Agricole S A acquired a new stake in Dycom Industries during the 3rd quarter worth about $33,000. CWM LLC grew its position in Dycom Industries by 35.2% during the 1st quarter. CWM LLC now owns 430 shares of the construction company’s stock worth $40,000 after purchasing an additional 112 shares during the period. Rockefeller Capital Management L.P. grew its position in Dycom Industries by 114.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 490 shares of the construction company’s stock worth $45,000 after purchasing an additional 261 shares during the period. Lazard Asset Management LLC acquired a new stake in Dycom Industries during the 3rd quarter worth about $54,000. Finally, Gyon Technologies Capital Management LP acquired a new stake in Dycom Industries during the 4th quarter worth about $68,000. 92.82% of the stock is owned by institutional investors and hedge funds.

Dycom Industries Price Performance

The company has a current ratio of 3.18, a quick ratio of 2.93 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 21.20 and a beta of 1.30. The firm has a 50-day simple moving average of $93.81 and a two-hundred day simple moving average of $93.67.

Dycom Industries Company Profile

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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.