Franklin Resources Inc. Acquires 21,774 Shares of Dycom Industries, Inc. (NYSE:DY)

Franklin Resources Inc. increased its holdings in Dycom Industries, Inc. (NYSE:DY) by 14.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 176,588 shares of the construction company’s stock after purchasing an additional 21,774 shares during the period. Franklin Resources Inc.’s holdings in Dycom Industries were worth $30,737,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Schroder Investment Management Group grew its stake in shares of Dycom Industries by 11.3% in the fourth quarter. Schroder Investment Management Group now owns 2,863 shares of the construction company’s stock worth $500,000 after acquiring an additional 291 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Dycom Industries by 8.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 4,190 shares of the construction company’s stock worth $729,000 after purchasing an additional 324 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Dycom Industries in the 4th quarter worth approximately $1,015,000. Norges Bank purchased a new stake in Dycom Industries during the 4th quarter valued at $55,802,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Dycom Industries by 119.8% during the 4th quarter. JPMorgan Chase & Co. now owns 176,572 shares of the construction company’s stock valued at $30,734,000 after buying an additional 96,252 shares during the period. Hedge funds and other institutional investors own 98.33% of the company’s stock.

Dycom Industries Trading Down 6.3 %

Dycom Industries stock opened at $138.55 on Friday. Dycom Industries, Inc. has a 12-month low of $133.00 and a 12-month high of $207.20. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 1.29 and a beta of 1.36. The firm has a 50 day moving average of $166.92 and a 200 day moving average of $179.09. 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 declared that its board has approved a share buyback program on Wednesday, February 26th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Dycom Industries

In other news, Director Peter T. Pruitt, Jr. sold 2,900 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $175.08, for a total value of $507,732.00. Following the transaction, the director now directly owns 14,533 shares in the company, valued at $2,544,437.64. The trade was a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DY. Wells Fargo & Company cut their price objective on Dycom Industries from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday. B. Riley cut their price target on Dycom Industries from $234.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, March 19th. Raymond James increased their price objective on shares of Dycom Industries from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, KeyCorp cut their target price 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, February 27th. One analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Dycom Industries currently has an average rating of “Buy” and an average price target of $202.50.

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.