Dycom Industries (NYSE:DY) Stock Price Down 3.3% – Here’s What Happened

Dycom Industries, Inc. (NYSE:DY)’s share price dropped 3.3% during trading on Monday . The stock traded as low as $184.05 and last traded at $185.74. Approximately 181,773 shares traded hands during trading, a decline of 33% from the average daily volume of 273,238 shares. The stock had previously closed at $192.06.

Wall Street Analysts Forecast Growth

DY has been the subject of several recent research reports. Bank of America upped their target price on shares of Dycom Industries from $198.00 to $204.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. KeyCorp upped their target price on shares of Dycom Industries from $200.00 to $227.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Wells Fargo & Company upped their price objective on shares of Dycom Industries from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com cut shares of Dycom Industries from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Finally, B. Riley increased their target price on Dycom Industries from $205.00 to $208.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $203.43.

Dycom Industries Stock Performance

The stock’s 50 day moving average price is $186.98 and its 200 day moving average price is $173.35. The company has a current ratio of 3.44, a quick ratio of 3.25 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 1.61 and a beta of 1.41.

Dycom Industries (NYSE:DY) last issued its earnings results on Wednesday, August 21st. The construction company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.20. Dycom Industries had a net margin of 5.37% and a return on equity of 22.28%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the business posted $2.03 EPS. Dycom Industries’s revenue was up 15.5% on a year-over-year basis. Analysts expect that Dycom Industries, Inc. will post 8.02 earnings per share for the current year.

Institutional Investors Weigh In On Dycom Industries

Hedge funds have recently bought and sold shares of the company. Ironwood Investment Management LLC raised its holdings in Dycom Industries by 0.4% in the 2nd quarter. Ironwood Investment Management LLC now owns 14,625 shares of the construction company’s stock valued at $2,468,000 after acquiring an additional 58 shares during the period. Anchor Investment Management LLC increased its holdings in shares of Dycom Industries by 50.4% during the second quarter. Anchor Investment Management LLC now owns 194 shares of the construction company’s stock worth $33,000 after purchasing an additional 65 shares during the period. Somerset Trust Co increased its holdings in shares of Dycom Industries by 1.6% during the second quarter. Somerset Trust Co now owns 4,448 shares of the construction company’s stock worth $751,000 after purchasing an additional 68 shares during the period. Thompson Davis & CO. Inc. increased its stake in Dycom Industries by 2.9% in the first quarter. Thompson Davis & CO. Inc. now owns 2,675 shares of the construction company’s stock valued at $384,000 after acquiring an additional 75 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Dycom Industries by 1.0% in the second quarter. Arizona State Retirement System now owns 8,145 shares of the construction company’s stock valued at $1,375,000 after acquiring an additional 82 shares during the last quarter. 98.33% of the stock is currently owned by institutional investors and hedge funds.

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.