Dycom Industries, Inc. (NYSE:DY) Short Interest Up 10.4% in July

Dycom Industries, Inc. (NYSE:DY) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 2,466,900 shares, an increase of 10.4% from the June 30th total of 2,235,100 shares. Currently, 8.3% of the company’s stock are short sold. Based on an average daily volume of 417,300 shares, the days-to-cover ratio is presently 5.9 days.

Shares of NYSE:DY traded down $3.76 during trading on Wednesday, reaching $43.62. 370,632 shares of the stock traded hands, compared to its average volume of 481,229. The company has a market capitalization of $1.49 billion, a PE ratio of 15.69, a P/E/G ratio of 2.50 and a beta of 1.31. The firm’s 50-day moving average price is $54.45. Dycom Industries has a 52-week low of $41.78 and a 52-week high of $85.65. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.14 and a current ratio of 3.45.

Dycom Industries (NYSE:DY) last issued its quarterly earnings data on Tuesday, May 21st. The construction company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.10. The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $771.90 million. Dycom Industries had a net margin of 1.86% and a return on equity of 10.52%. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 earnings per share. Analysts predict that Dycom Industries will post 2.57 earnings per share for the current year.

DY has been the topic of a number of recent analyst reports. Deutsche Bank increased their price target on shares of Dycom Industries from $54.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Craig Hallum reiterated an “in-line” rating and set a $65.00 price target (up previously from $51.00) on shares of Dycom Industries in a report on Wednesday, May 22nd. Canaccord Genuity cut their price target on shares of Dycom Industries from $68.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. They noted that the move was a valuation call. Wells Fargo & Co increased their price target on shares of Dycom Industries from $50.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, May 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Dycom Industries from a “sell” rating to a “hold” rating in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.13.

A number of institutional investors have recently modified their holdings of DY. Two Sigma Advisers LP acquired a new stake in shares of Dycom Industries in the 4th quarter valued at $481,000. Legal & General Group Plc grew its stake in shares of Dycom Industries by 3.2% during the fourth quarter. Legal & General Group Plc now owns 31,516 shares of the construction company’s stock worth $1,703,000 after purchasing an additional 970 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Dycom Industries by 24.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,476 shares of the construction company’s stock worth $80,000 after purchasing an additional 288 shares during the period. Amalgamated Bank acquired a new stake in shares of Dycom Industries during the fourth quarter worth $256,000. Finally, Norges Bank acquired a new stake in shares of Dycom Industries during the fourth quarter worth $13,149,000. Institutional investors own 91.38% of the company’s stock.

About Dycom Industries

Dycom Industries, Inc provides specialty contracting services in the United States. The company offers various specialty contracting services, including program management, engineering, construction, maintenance, and installation services, such as placement and splicing of fiber, copper, and coaxial cables to telecommunications providers.

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