Assenagon Asset Management S.A. bought a new position in shares of Dycom Industries, Inc. (NYSE:DY) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 19,698 shares of the construction company’s stock, valued at approximately $1,666,000. Assenagon Asset Management S.A. owned about 0.06% of Dycom Industries as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in Dycom Industries during the 2nd quarter worth approximately $189,000. Point72 Hong Kong Ltd lifted its holdings in shares of Dycom Industries by 388.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 2,283 shares of the construction company’s stock worth $216,000 after purchasing an additional 1,816 shares during the last quarter. Howe & Rusling Inc. lifted its holdings in shares of Dycom Industries by 45.1% in the 2nd quarter. Howe & Rusling Inc. now owns 2,455 shares of the construction company’s stock worth $232,000 after purchasing an additional 763 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Dycom Industries in the 2nd quarter worth approximately $236,000. Finally, Cim Investment Mangement Inc. lifted its holdings in shares of Dycom Industries by 33.3% in the 2nd quarter. Cim Investment Mangement Inc. now owns 2,599 shares of the construction company’s stock worth $246,000 after purchasing an additional 649 shares during the last quarter.
Shares of NYSE DY opened at $75.31 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.96 and a current ratio of 3.24. The company has a market capitalization of $2.33 billion, a P/E ratio of 26.55, a P/E/G ratio of 3.11 and a beta of 1.41. Dycom Industries, Inc. has a 12-month low of $65.82 and a 12-month high of $123.99.
Dycom Industries announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 29th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the construction company to buy up to 6.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several analysts recently issued reports on DY shares. Wells Fargo & Co cut their price target on Dycom Industries from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, August 30th. B. Riley reissued a “neutral” rating and issued a $84.00 price target (up previously from $75.00) on shares of Dycom Industries in a report on Thursday, September 27th. Zacks Investment Research raised Dycom Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 16th. Craig Hallum downgraded Dycom Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Finally, ValuEngine downgraded Dycom Industries from a “sell” rating to a “strong sell” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Dycom Industries currently has a consensus rating of “Hold” and an average price target of $101.40.
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Dycom Industries Company Profile
Dycom Industries, Inc provides specialty contracting services in the United States and Canada. 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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