Dycom Industries Sees Unusually Large Options Volume (DY)

Dycom Industries, Inc. (NYSE:DY) was the recipient of some unusual options trading on Wednesday. Stock traders bought 3,600 call options on the stock. This represents an increase of 3,650% compared to the average daily volume of 96 call options.

Several equities analysts recently commented on the company. Zacks Investment Research upgraded Dycom Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday. B. Riley reiterated a “neutral” rating and issued a $84.00 target price (up from $75.00) on shares of Dycom Industries in a research note on Thursday, September 27th. Deutsche Bank set a $93.00 price target on Dycom Industries and gave the stock a “buy” rating in a research note on Thursday, August 30th. Wells Fargo & Co dropped their price target on Dycom Industries from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, August 30th. Finally, Canaccord Genuity restated a “buy” rating and set a $90.00 price target on shares of Dycom Industries in a research note on Wednesday, August 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Dycom Industries currently has an average rating of “Hold” and a consensus target price of $101.40.

Shares of NYSE:DY opened at $78.52 on Thursday. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 3.53 and a beta of 1.21. The company has a quick ratio of 2.96, a current ratio of 3.24 and a debt-to-equity ratio of 0.93. Dycom Industries has a 12 month low of $67.15 and a 12 month high of $123.99.

Dycom Industries (NYSE:DY) last announced its quarterly earnings results on Wednesday, August 29th. The construction company reported $1.05 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.05. The company had revenue of $799.50 million during the quarter, compared to analyst estimates of $799.51 million. Dycom Industries had a return on equity of 12.07% and a net margin of 3.94%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.47 earnings per share. Research analysts predict that Dycom Industries will post 2.82 EPS for the current fiscal year.

Dycom Industries announced that its Board of Directors has approved a stock buyback program on Wednesday, August 29th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of large investors have recently made changes to their positions in the business. Aperio Group LLC increased its stake in Dycom Industries by 13.8% during the third quarter. Aperio Group LLC now owns 16,312 shares of the construction company’s stock worth $1,380,000 after acquiring an additional 1,982 shares during the last quarter. BB&T Corp boosted its position in shares of Dycom Industries by 30.6% in the third quarter. BB&T Corp now owns 18,737 shares of the construction company’s stock worth $1,586,000 after buying an additional 4,390 shares during the period. Scout Investments Inc. boosted its position in shares of Dycom Industries by 56.0% in the third quarter. Scout Investments Inc. now owns 322,072 shares of the construction company’s stock worth $27,247,000 after buying an additional 115,624 shares during the period. Northern Trust Corp boosted its position in shares of Dycom Industries by 2.0% in the second quarter. Northern Trust Corp now owns 529,814 shares of the construction company’s stock worth $50,072,000 after buying an additional 10,607 shares during the period. Finally, WCM Investment Management CA boosted its position in shares of Dycom Industries by 15.9% in the second quarter. WCM Investment Management CA now owns 71,289 shares of the construction company’s stock worth $6,738,000 after buying an additional 9,778 shares during the period.

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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