Zacks Investment Research upgraded shares of Dycom Industries Inc. (NYSE:DY) from a sell rating to a hold rating in a report issued on Thursday morning.
According to Zacks, “Dycom reported strong first-quarter fiscal 2017 results, aided by stellar top-line growth and favorable industry trends. The bottom line beat the Zacks Consensus Estimate by 1.2% and surged 35% year-over-year. Rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services proved beneficial for the company. Extensive deployment of 1-Gigabyte wireline networks and the ongoing Connect America Fund II project remain strong growth drivers for Dycom. However, rapid technological and structural changes in the telecommunication industry remain concerns for the company. Also, seasonality will likely be a significant headwind in the upcoming quarter. In fact, Dycom has reduced its outlook for the operations of Goodman Networks, as the activity levels have been below expectations.Consequently, Dycom has reduced its contract backlog by about $211 million.”
A number of other analysts also recently issued reports on DY. Vetr upgraded shares of Dycom Industries from a sell rating to a hold rating and set a $89.92 price objective on the stock in a report on Tuesday, August 2nd. DA Davidson set a $110.00 price objective on shares of Dycom Industries and gave the company a buy rating in a report on Monday, August 22nd. FBR & Co lifted their price objective on shares of Dycom Industries from $115.00 to $121.00 and gave the company an outperform rating in a report on Thursday, August 25th. Stifel Nicolaus restated a buy rating on shares of Dycom Industries in a report on Sunday, August 28th. Finally, Wells Fargo & Co. restated a buy rating on shares of Dycom Industries in a report on Wednesday, September 28th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Dycom Industries currently has an average rating of Buy and a consensus target price of $97.19.
Shares of Dycom Industries (NYSE:DY) opened at 77.52 on Thursday. Dycom Industries has a one year low of $47.10 and a one year high of $98.45. The firm has a 50-day moving average of $82.92 and a 200-day moving average of $84.88. The company has a market capitalization of $2.44 billion, a P/E ratio of 16.99 and a beta of 1.32.
Dycom Industries (NYSE:DY) last posted its quarterly earnings data on Monday, November 21st. The company reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.02. Dycom Industries had a net margin of 5.30% and a return on equity of 29.59%. The company had revenue of $799.20 million for the quarter, compared to the consensus estimate of $801.34 million. During the same period last year, the company earned $1.24 earnings per share. The firm’s revenue was up 21.2% compared to the same quarter last year. Equities research analysts expect that Dycom Industries will post $5.22 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the company. ETRADE Capital Management LLC boosted its position in Dycom Industries by 10.6% in the third quarter. ETRADE Capital Management LLC now owns 10,467 shares of the company’s stock worth $856,000 after buying an additional 1,001 shares during the period. LPL Financial LLC boosted its position in Dycom Industries by 45.1% in the third quarter. LPL Financial LLC now owns 8,192 shares of the company’s stock worth $698,000 after buying an additional 2,546 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its position in Dycom Industries by 58.6% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 10,821 shares of the company’s stock worth $884,000 after buying an additional 4,000 shares during the period. Ameritas Investment Partners Inc. boosted its position in Dycom Industries by 412.3% in the third quarter. Ameritas Investment Partners Inc. now owns 12,203 shares of the company’s stock worth $998,000 after buying an additional 9,821 shares during the period. Finally, Verition Fund Management LLC boosted its position in Dycom Industries by 102.7% in the third quarter. Verition Fund Management LLC now owns 9,738 shares of the company’s stock worth $796,000 after buying an additional 4,933 shares during the period. 99.44% of the stock is owned by hedge funds and other institutional investors.
Dycom Industries Company Profile
Dycom Industries, Inc is a provider of specialty contracting services throughout the United States and in Canada. The Company, through its subsidiaries, provides program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.