Dycom Industries, Inc. (NYSE:DY) Shares Sold by Comerica Bank

Comerica Bank trimmed its position in shares of Dycom Industries, Inc. (NYSE:DY) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,672 shares of the construction company’s stock after selling 228 shares during the period. Comerica Bank’s holdings in Dycom Industries were worth $1,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in Dycom Industries by 26.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock worth $59,000 after buying an additional 71 shares during the period. GeoWealth Management LLC raised its stake in shares of Dycom Industries by 35.9% in the fourth quarter. GeoWealth Management LLC now owns 348 shares of the construction company’s stock valued at $61,000 after acquiring an additional 92 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Dycom Industries by 37.5% in the fourth quarter. Anchor Investment Management LLC now owns 367 shares of the construction company’s stock valued at $64,000 after purchasing an additional 100 shares during the period. Federated Hermes Inc. grew its stake in Dycom Industries by 107.0% during the 4th quarter. Federated Hermes Inc. now owns 387 shares of the construction company’s stock worth $67,000 after purchasing an additional 200 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Dycom Industries by 209.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 390 shares of the construction company’s stock worth $68,000 after purchasing an additional 264 shares during the period. 98.33% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Price Performance

Shares of NYSE DY opened at $188.78 on Friday. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. The stock has a market cap of $5.43 billion, a P/E ratio of 24.84, a P/E/G ratio of 1.29 and a beta of 1.27. The stock has a 50 day moving average of $157.66 and a two-hundred day moving average of $173.52. Dycom Industries, Inc. has a twelve month low of $131.37 and a twelve month high of $207.20.

Dycom Industries declared that its board has approved a share repurchase plan on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DY shares. KeyCorp decreased their price objective on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company lowered their price target on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. B. Riley dropped their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Raymond James lifted their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. began coverage on Dycom Industries in a report on Monday, April 21st. They issued an “overweight” rating and a $200.00 target price on the stock. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $200.22.

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.