Granite Point Capital Management L.P. Sells 30,800 Shares of Dycom Industries, Inc. (DY)

Granite Point Capital Management L.P. lessened its holdings in Dycom Industries, Inc. (NYSE:DY) by 77.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,200 shares of the construction company’s stock after selling 30,800 shares during the period. Granite Point Capital Management L.P.’s holdings in Dycom Industries were worth $790,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Alps Advisors Inc. increased its holdings in shares of Dycom Industries by 0.3% during the second quarter. Alps Advisors Inc. now owns 5,126 shares of the construction company’s stock worth $459,000 after buying an additional 14 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Dycom Industries by 1.8% during the second quarter. Teacher Retirement System of Texas now owns 2,526 shares of the construction company’s stock worth $226,000 after buying an additional 44 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Dycom Industries by 6.6% during the second quarter. Public Employees Retirement System of Ohio now owns 1,298 shares of the construction company’s stock worth $116,000 after buying an additional 80 shares in the last quarter. Capstone Asset Management Co. increased its holdings in shares of Dycom Industries by 3.8% during the second quarter. Capstone Asset Management Co. now owns 2,448 shares of the construction company’s stock worth $219,000 after buying an additional 90 shares in the last quarter. Finally, Partnervest Advisory Services LLC increased its holdings in shares of Dycom Industries by 2.8% during the second quarter. Partnervest Advisory Services LLC now owns 3,501 shares of the construction company’s stock worth $313,000 after buying an additional 95 shares in the last quarter.

DY has been the subject of several recent analyst reports. BidaskClub lowered shares of Dycom Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. KeyCorp raised shares of Dycom Industries from a “sector weight” rating to an “overweight” rating and set a $87.00 price objective for the company in a report on Wednesday, August 30th. FBR & Co raised their price objective on shares of Dycom Industries from $98.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, August 30th. Craig Hallum reaffirmed a “buy” rating and set a $90.00 price objective (down previously from $115.00) on shares of Dycom Industries in a report on Thursday, August 31st. They noted that the move was a valuation call. Finally, Canaccord Genuity lowered their price target on shares of Dycom Industries from $120.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Dycom Industries has an average rating of “Buy” and an average price target of $109.40.

Shares of Dycom Industries, Inc. (NYSE:DY) traded down $0.51 during trading on Thursday, hitting $109.19. 471,900 shares of the company were exchanged, compared to its average volume of 673,955. The company has a current ratio of 3.16, a quick ratio of 2.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $3,393.99, a price-to-earnings ratio of 23.95, a P/E/G ratio of 2.18 and a beta of 1.38. Dycom Industries, Inc. has a fifty-two week low of $73.25 and a fifty-two week high of $113.30.

Dycom Industries (NYSE:DY) last announced its quarterly earnings data on Monday, November 20th. The construction company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. Dycom Industries had a net margin of 4.46% and a return on equity of 22.49%. The firm had revenue of $756.20 million for the quarter, compared to analysts’ expectations of $729.35 million. During the same period last year, the firm earned $1.67 earnings per share. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. equities analysts anticipate that Dycom Industries, Inc. will post 4.09 earnings per share for the current fiscal year.

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About Dycom Industries

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.

Institutional Ownership by Quarter for Dycom Industries (NYSE:DY)

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