Dycom Industries, Inc. (NYSE:DY) Short Interest Down 18.7% in February

Dycom Industries, Inc. (NYSE:DY) was the target of a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 1,610,000 shares, a drop of 18.7% from the January 31st total of 1,980,000 shares. Based on an average daily volume of 477,400 shares, the days-to-cover ratio is presently 3.4 days. Approximately 5.7% of the shares of the stock are short sold.

Dycom Industries Price Performance

DY stock opened at $160.81 on Tuesday. Dycom Industries has a 52-week low of $126.59 and a 52-week high of $207.20. The company has a quick ratio of 2.93, a current ratio of 3.12 and a debt-to-equity ratio of 0.89. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. The business has a fifty day moving average of $181.49 and a two-hundred day moving average of $183.91.

Dycom Industries announced that its board has initiated a share repurchase plan on Wednesday, February 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Dycom Industries news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now owns 14,533 shares in the company, valued at approximately $2,544,437.64. This trade represents a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of Dycom Industries stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total transaction of $74,437.30. Following the sale, the director now directly owns 8,873 shares in the company, valued at approximately $1,536,005.03. This trade represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.28% of the company’s stock.

Hedge Funds Weigh In On Dycom Industries

Hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC lifted its stake in Dycom Industries by 0.8% during the fourth quarter. Corient Private Wealth LLC now owns 7,015 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 55 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Dycom Industries by 11.1% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 561 shares of the construction company’s stock worth $98,000 after acquiring an additional 56 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Dycom Industries by 25.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 291 shares of the construction company’s stock worth $57,000 after acquiring an additional 59 shares in the last quarter. Arizona State Retirement System boosted its holdings in Dycom Industries by 0.8% during the 4th quarter. Arizona State Retirement System now owns 8,447 shares of the construction company’s stock valued at $1,470,000 after acquiring an additional 70 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after acquiring an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Wall Street Analyst Weigh In

DY has been the subject of several research reports. KeyCorp dropped their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Raymond James upped their price target on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. Wells Fargo & Company increased their price target on Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, DA Davidson reissued a “buy” rating and set a $210.00 price objective on shares of Dycom Industries in a research note on Tuesday, November 19th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Dycom Industries has an average rating of “Buy” and a consensus target price of $205.38.

Dycom Industries Company 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.