California State Teachers Retirement System boosted its position in Dycom Industries, Inc. (NYSE:DY – Free Report) by 51,902.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 17,614,250 shares of the construction company’s stock after purchasing an additional 17,580,378 shares during the period. California State Teachers Retirement System owned about 0.59% of Dycom Industries worth $8,905,589,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp raised its stake in shares of Dycom Industries by 4,626.1% in the first quarter. Jones Financial Companies Lllp now owns 2,174 shares of the construction company’s stock valued at $331,000 after buying an additional 2,128 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Dycom Industries by 7.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 69,726 shares of the construction company’s stock worth $10,622,000 after acquiring an additional 4,985 shares during the period. Invesco Ltd. increased its holdings in Dycom Industries by 7.0% in the 2nd quarter. Invesco Ltd. now owns 227,127 shares of the construction company’s stock worth $55,508,000 after acquiring an additional 14,891 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Dycom Industries by 73.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 161 shares of the construction company’s stock worth $39,000 after acquiring an additional 68 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in Dycom Industries by 8.9% in the 2nd quarter. Cerity Partners LLC now owns 2,239 shares of the construction company’s stock valued at $547,000 after acquiring an additional 183 shares during the period. 98.33% of the stock is owned by institutional investors.
Dycom Industries Stock Performance
Shares of DY opened at $302.80 on Wednesday. Dycom Industries, Inc. has a 52-week low of $249.13 and a 52-week high of $566.47. The stock’s 50-day simple moving average is $391.13 and its 200 day simple moving average is $407.53. The company has a debt-to-equity ratio of 1.35, a quick ratio of 2.24 and a current ratio of 2.35. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 27.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.49.
Dycom Industries declared that its Board of Directors has approved a stock buyback plan on Wednesday, August 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Insider Activity at Dycom Industries
In other news, Director David Fallon acquired 700 shares of Dycom Industries stock in a transaction that occurred on Tuesday, September 1st. The stock was bought at an average price of $286.92 per share, with a total value of $200,844.00. Following the completion of the purchase, the director owned 1,043 shares in the company, valued at approximately $299,257.56. The trade was a 204.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.22% of the company’s stock.
Analysts Set New Price Targets
Several research firms have commented on DY. JPMorgan Chase & Co. dropped their price objective on shares of Dycom Industries from $650.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, August 27th. Wells Fargo & Company set a $476.00 target price on shares of Dycom Industries in a research note on Thursday, August 27th. Wall Street Zen lowered shares of Dycom Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. UBS Group dropped their price target on shares of Dycom Industries from $611.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, August 27th. Finally, B. Riley Financial raised their price objective on shares of Dycom Industries from $485.00 to $625.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Dycom Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.42.
Read Our Latest Stock Report on Dycom Industries
Dycom Industries Profile
Dycom Industries, Inc (NYSE: DY) is a leading provider of specialty contracting services to the telecommunications industry in North America. The company delivers engineering, construction, installation and maintenance solutions for communications infrastructure, supporting a broad range of network technologies and system architectures. Dycom’s services span outside plant construction, cable placement, fiber optic deployment, wireless and wireline network engineering, as well as testing and turn-up services for voice, data and video applications.
Dycom’s customer base includes major telecommunications carriers, cable operators, utility companies and competitive local exchange carriers.
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