Salem Investment Counselors Inc. Sells 2,797 Shares of Dycom Industries, Inc. (NYSE:DY)

Salem Investment Counselors Inc. decreased its position in shares of Dycom Industries, Inc. (NYSE:DY) by 16.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,173 shares of the construction company’s stock after selling 2,797 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Dycom Industries were worth $2,159,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in DY. Versant Capital Management Inc bought a new position in shares of Dycom Industries during the 1st quarter worth $28,000. EverSource Wealth Advisors LLC boosted its stake in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after purchasing an additional 71 shares during the period. GeoWealth Management LLC boosted its stake in Dycom Industries by 35.9% in the 4th quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock worth $61,000 after purchasing an additional 92 shares during the period. Anchor Investment Management LLC boosted its stake in Dycom Industries by 37.5% in the 4th quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock worth $64,000 after purchasing an additional 100 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Dycom Industries by 107.0% in the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock worth $67,000 after purchasing an additional 200 shares during the period. Institutional investors own 98.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on DY shares. JPMorgan Chase & Co. raised their target price on Dycom Industries from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, May 22nd. KeyCorp cut their target price on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company raised their target price on Dycom Industries from $215.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. B. Riley raised their target price on Dycom Industries from $200.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Finally, DA Davidson raised their target price on Dycom Industries from $220.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $241.25.

Dycom Industries Stock Performance

Shares of DY opened at $232.69 on Friday. The company has a market cap of $6.73 billion, a PE ratio of 30.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32. 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 price of $192.46 and a 200-day moving average price of $179.74. Dycom Industries, Inc. has a 12-month low of $131.37 and a 12-month high of $243.38.

Dycom Industries (NYSE:DY) last issued its quarterly earnings results on Wednesday, May 21st. The construction company reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.47. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. Dycom Industries had a return on equity of 20.99% and a net margin of 4.91%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.12 EPS. As a group, equities analysts forecast that Dycom Industries, Inc. will post 7.13 earnings per share for the current fiscal year.

Dycom Industries declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.