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

Dycom Industries, Inc. (NYSE:DY) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $154.40, but opened at $168.30. Dycom Industries shares last traded at $169.42, with a volume of 47,716 shares traded.

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 22.15% and a net margin of 5.38%. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the business earned $1.73 EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis.

Analysts Set New Price Targets

Several analysts have recently weighed in on DY shares. Wells Fargo & Company boosted their target price on Dycom Industries from $165.00 to $175.00 and gave the company an “overweight” rating in a report on Monday. StockNews.com raised Dycom Industries from a “hold” rating to a “buy” rating in a research note on Thursday. Craig Hallum upped their price objective on Dycom Industries from $145.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. KeyCorp upped their price objective on Dycom Industries from $169.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, B. Riley raised Dycom Industries from a “neutral” rating to a “buy” rating and upped their price objective for the company from $101.00 to $172.00 in a research note on Friday, March 8th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $175.86.

Insiders Place Their Bets

In other Dycom Industries news, VP Jason T. Lawson sold 220 shares of the business’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 transaction of $30,859.40. Following the transaction, the vice president now owns 7,793 shares in the company, valued at approximately $1,093,124.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dycom Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Dycom Industries in the 1st quarter worth approximately $28,000. Headlands Technologies LLC acquired a new stake in shares of Dycom Industries in the 1st quarter worth approximately $72,000. Quadrant Capital Group LLC grew its holdings in shares of Dycom Industries by 26.4% in the 4th quarter. Quadrant Capital Group LLC now owns 770 shares of the construction company’s stock worth $89,000 after acquiring an additional 161 shares during the period. Principal Securities Inc. acquired a new stake in shares of Dycom Industries in the 4th quarter worth approximately $142,000. Finally, Strs Ohio grew 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 worth $172,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 98.33% of the company’s stock.

Dycom Industries Trading Up 6.0 %

The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 2.18 and a beta of 1.37. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.85 and a current ratio of 3.17. The business has a fifty day moving average of $143.72 and a two-hundred day moving average of $122.96.

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.