abrdn plc Decreases Stake in Dycom Industries, Inc. (NYSE:DY)

abrdn plc cut its position in Dycom Industries, Inc. (NYSE:DY) by 24.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,400 shares of the construction company’s stock after selling 3,600 shares during the period. abrdn plc’s holdings in Dycom Industries were worth $1,312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in Dycom Industries by 15.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 974 shares of the construction company’s stock worth $87,000 after purchasing an additional 132 shares during the last quarter. Strs Ohio boosted its holdings in shares of Dycom Industries by 50.0% in the 4th quarter. Strs Ohio now owns 1,500 shares of the construction company’s stock valued at $172,000 after buying an additional 500 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Dycom Industries in the 4th quarter valued at $207,000. First Bank & Trust acquired a new stake in Dycom Industries during the 4th quarter worth $219,000. Finally, Assetmark Inc. lifted its position in Dycom Industries by 20.0% in the third quarter. Assetmark Inc. now owns 2,510 shares of the construction company’s stock valued at $223,000 after acquiring an additional 418 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. KeyCorp lifted their target price on Dycom Industries from $136.00 to $149.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. B. Riley raised Dycom Industries from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $101.00 to $172.00 in a research report on Friday, March 8th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $135.50.

Insider Transactions at Dycom Industries

In related news, VP Jason T. Lawson sold 220 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $140.27, for a total value of $30,859.40. Following the completion of the sale, the vice president now owns 7,793 shares in the company, valued at $1,093,124.11. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 4.28% of the company’s stock.

Dycom Industries Stock Up 0.5 %

DY opened at $143.41 on Tuesday. The business has a 50 day moving average price of $136.33 and a two-hundred day moving average price of $115.11. Dycom Industries, Inc. has a 52 week low of $78.42 and a 52 week high of $146.32. The company has a market cap of $4.17 billion, a PE ratio of 19.46, a P/E/G ratio of 0.84 and a beta of 1.38. The company has a quick ratio of 2.85, a current ratio of 3.06 and a debt-to-equity ratio of 0.75.

Dycom Industries (NYSE:DY) last issued its quarterly earnings results on Wednesday, February 28th. The construction company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.15). The company had revenue of $952.50 million for the quarter, compared to analyst estimates of $968.87 million. Dycom Industries had a return on equity of 22.06% and a net margin of 5.24%. Dycom Industries’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. As a group, research analysts anticipate that Dycom Industries, Inc. will post 7.13 EPS for the current year.

Dycom Industries 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.