Dycom Industries (NYSE:DY) Coverage Initiated at JPMorgan Chase & Co.

Equities research analysts at JPMorgan Chase & Co. assumed coverage on shares of Dycom Industries (NYSE:DY) in a research report issued to clients and investors on Monday,Benzinga reports. The firm set an “overweight” rating and a $200.00 price target on the construction company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 29.08% from the company’s current price.

Several other analysts have also weighed in on the company. Raymond James boosted their price objective on Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Tuesday, February 4th. KeyCorp dropped their price target on Dycom Industries from $201.00 to $183.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. B. Riley decreased their price objective on shares of Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, Wells Fargo & Company lowered their target price on shares of Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $200.22.

Dycom Industries Price Performance

Shares of DY stock opened at $154.94 on Monday. The firm has a fifty day moving average of $157.51 and a two-hundred day moving average of $175.46. The firm has a market cap of $4.46 billion, a P/E ratio of 20.39, a P/E/G ratio of 1.29 and a beta of 1.36. Dycom Industries has a 1-year low of $131.37 and a 1-year high of $207.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.12 and a quick ratio of 2.93.

Dycom Industries declared that its board has initiated a share repurchase plan on Wednesday, February 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the construction company to purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Dycom Industries

Large investors have recently made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in Dycom Industries in the 1st quarter valued at approximately $28,000. SOA Wealth Advisors LLC. acquired a new position in shares of Dycom Industries during the third quarter valued at $39,000. Westside Investment Management Inc. bought a new stake in shares of Dycom Industries during the third quarter valued at about $41,000. Anchor Investment Management LLC lifted its holdings in Dycom Industries by 37.6% in the third quarter. Anchor Investment Management LLC now owns 267 shares of the construction company’s stock worth $53,000 after purchasing an additional 73 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Dycom Industries by 26.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 341 shares of the construction company’s stock valued at $59,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds own 98.33% of the company’s stock.

About Dycom Industries

Dycom Industries, Inc provides specialty contracting services to the telecommunications infrastructure and utility industries in the United States. The company offers engineering services to telecommunications providers, including the planning and design of aerial, underground, and buried fiber optic, copper, and coaxial cable systems; wireless networks in connection with the deployment of macro cell and new small cell sites; and program and project management and inspection personnel.