Dycom Industries (NYSE:DY) Shares Up 3.6% on Strong Earnings

Dycom Industries, Inc. (NYSE:DY) shares rose 3.6% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $175.31 and last traded at $173.11. Approximately 105,035 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 248,685 shares. The stock had previously closed at $167.14.

The construction company reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.73. Dycom Industries had a return on equity of 22.06% and a net margin of 5.24%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the business earned $1.73 EPS. Dycom Industries’s revenue for the quarter was up 9.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have commented on DY. Raymond James boosted their price objective on Dycom Industries from $143.00 to $195.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Wells Fargo & Company boosted their target price on Dycom Industries from $165.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday. UBS Group boosted their target price on Dycom Industries from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp boosted their target price on Dycom Industries from $169.00 to $179.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, B. Riley upgraded Dycom Industries from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $101.00 to $172.00 in a report on Friday, March 8th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $173.50.

Insider Activity at Dycom Industries

In related news, VP Jason T. Lawson sold 220 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $140.27, for a total value of $30,859.40. Following the transaction, the vice president now directly owns 7,793 shares in the company, valued at $1,093,124.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Burney Co. acquired a new position in Dycom Industries during the first quarter worth $415,000. Tidal Investments LLC lifted its stake in Dycom Industries by 202.6% during the first quarter. Tidal Investments LLC now owns 10,835 shares of the construction company’s stock worth $1,555,000 after purchasing an additional 7,254 shares in the last quarter. Interval Partners LP acquired a new position in Dycom Industries during the first quarter worth $5,247,000. Janus Henderson Group PLC lifted its stake in Dycom Industries by 168.5% during the first quarter. Janus Henderson Group PLC now owns 36,835 shares of the construction company’s stock worth $5,287,000 after purchasing an additional 23,117 shares in the last quarter. Finally, Appian Way Asset Management LP lifted its stake in Dycom Industries by 84.2% during the first quarter. Appian Way Asset Management LP now owns 197,364 shares of the construction company’s stock worth $28,328,000 after purchasing an additional 90,198 shares in the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Dycom Industries Stock Up 4.4 %

The company has a debt-to-equity ratio of 0.75, a current ratio of 3.06 and a quick ratio of 2.85. The business has a 50 day simple moving average of $142.97 and a 200 day simple moving average of $122.58. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 2.02 and a beta of 1.37.

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.