Dycom Industries, Inc. (DY) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Dycom Industries, Inc. (NYSE:DY) from a strong sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Dycom’s earnings have benefited from a robust operating performance and top-line improvement in the recent past. Going forward, favorable industry trends like surging demand for 1-Gigabyte deployment, huge investment in wireline networks and cable capacity projects boost growth. Over the past few quarters, rise in demand for network bandwidth, expanded core market share and surge in wireless carriers services proved conducive to the growth of the company. However, initiations of large-scale network deployments, particularly those occurring during periods of customer M&A activity, remain vulnerable to timing uncertainty. The guidance for fiscal first-quarter 2018 reflects compressed gross margin expectations due to an adverse mix of work activity during the period. Also, poor contribution from acquired businesses might also hamper growth. Over the past one year, Dycom’s shares have underperformed the industry average. “

A number of other analysts also recently issued reports on DY. Deutsche Bank AG initiated coverage on shares of Dycom Industries in a report on Tuesday, September 26th. They set a buy rating and a $103.00 price target for the company. Canaccord Genuity cut 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. Craig Hallum restated a buy rating and set a $90.00 price target (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. FBR & Co raised their price target 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. Finally, BidaskClub downgraded shares of Dycom Industries from a buy rating to a hold rating in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $102.71.

Shares of Dycom Industries (NYSE DY) traded up 0.46% during midday trading on Tuesday, reaching $88.23. The company’s stock had a trading volume of 251,174 shares. The stock has a market capitalization of $2.74 billion, a PE ratio of 17.93 and a beta of 1.29. Dycom Industries has a 52 week low of $70.33 and a 52 week high of $110.64. The company has a 50 day moving average price of $83.93 and a 200-day moving average price of $89.55.

Dycom Industries (NYSE:DY) last released its earnings results on Wednesday, August 30th. The construction company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. Dycom Industries had a net margin of 5.13% and a return on equity of 26.68%. The business had revenue of $780.20 million for the quarter, compared to analyst estimates of $798.62 million. During the same period last year, the company posted $1.64 EPS. The business’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that Dycom Industries will post $4.36 EPS for the current year.

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

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.

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