Dycom Industries (NYSE:DY) Shares Gap Up After Better-Than-Expected Earnings

Dycom Industries, Inc. (NYSE:DY – Get Rating)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $100.36, but opened at $106.82. Dycom Industries shares last traded at $100.00, with a volume of 328,322 shares traded.

The construction company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $1.03. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $940.22 million. Dycom Industries had a return on equity of 16.43% and a net margin of 3.73%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.51 earnings per share.

Wall Street Analyst Weigh In

DY has been the subject of a number of research analyst reports. StockNews.com initiated coverage on Dycom Industries in a report on Thursday, May 18th. They issued a “buy” rating for the company. Craig Hallum lifted their target price on Dycom Industries from $110.00 to $124.00 and gave the stock a “buy” rating in a report on Thursday, March 2nd. UBS Group lifted their target price on Dycom Industries from $124.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, March 2nd. Finally, Wells Fargo & Company raised Dycom Industries from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $105.00 to $120.00 in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Dycom Industries has a consensus rating of “Buy” and a consensus price target of $128.80.

Insider Buying and Selling at Dycom Industries

In other Dycom Industries news, VP Ryan F. Urness sold 3,300 shares of the business’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $94.90, for a total transaction of $313,170.00. Following the completion of the sale, the vice president now owns 26,242 shares of the company’s stock, valued at $2,490,365.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Dycom Industries news, VP Ryan F. Urness sold 3,300 shares of the business’s stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $94.90, for a total transaction of $313,170.00. Following the completion of the sale, the vice president now owns 26,242 shares of the company’s stock, valued at $2,490,365.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO H Andrew Deferrari sold 10,282 shares of the business’s stock in a transaction dated Thursday, March 30th. The shares were sold at an average price of $94.11, for a total value of $967,639.02. Following the completion of the transaction, the chief financial officer now owns 148,425 shares in the company, valued at $13,968,276.75. The disclosure for this sale can be found here. 4.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dycom Industries

Several large investors have recently made changes to their positions in the business. Credit Agricole S A purchased a new stake in shares of Dycom Industries in the third quarter worth about $33,000. CWM LLC lifted its position in shares of Dycom Industries by 35.2% in the first quarter. CWM LLC now owns 430 shares of the construction company’s stock worth $40,000 after buying an additional 112 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Dycom Industries by 114.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 490 shares of the construction company’s stock worth $45,000 after buying an additional 261 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Dycom Industries in the third quarter worth about $54,000. Finally, Gyon Technologies Capital Management LP purchased a new stake in shares of Dycom Industries in the fourth quarter worth about $68,000. 92.82% of the stock is currently owned by hedge funds and other institutional investors.

Dycom Industries Stock Up 3.6 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 3.18 and a quick ratio of 2.93. The company has a market capitalization of $2.95 billion, a PE ratio of 21.20 and a beta of 1.30. The business has a 50-day moving average of $93.81 and a 200 day moving average of $93.67.

Dycom Industries Company Profile

(Get Rating)

Dycom Industries, Inc provides contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others.