Dycom Industries (NYSE:DY) to Repurchase $150.00 million in Outstanding Stock

Dycom Industries (NYSE:DY) announced that its board has approved a share buyback plan on Wednesday, February 26th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization permits the construction company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on DY shares. KeyCorp lowered their price objective on shares of Dycom Industries from $229.00 to $201.00 and set an “overweight” rating for the company in a research report on Thursday. Wells Fargo & Company upped their price objective on shares of Dycom Industries from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. DA Davidson restated a “buy” rating and issued a $210.00 price objective on shares of Dycom Industries in a research report on Tuesday, November 19th. Finally, Raymond James upped their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Tuesday, February 4th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $205.38.

Dycom Industries Price Performance

DY stock opened at $163.89 on Friday. The stock has a 50-day moving average price of $181.69 and a two-hundred day moving average price of $184.07. The stock has a market cap of $4.78 billion, a PE ratio of 21.56, a price-to-earnings-growth ratio of 1.29 and a beta of 1.42. The company has a current ratio of 3.12, a quick ratio of 2.93 and a debt-to-equity ratio of 0.89. Dycom Industries has a 1 year low of $123.90 and a 1 year high of $207.20.

Insider Transactions at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $175.08, for a total transaction of $507,732.00. Following the completion of the transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. This represents a 16.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jennifer M. Fritzsche sold 430 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $173.11, for a total transaction of $74,437.30. Following the transaction, the director now owns 8,873 shares of the company’s stock, valued at approximately $1,536,005.03. This represents a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.28% of the company’s stock.

Dycom Industries Company Profile

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.