Short Interest in Dycom Industries, Inc. (NYSE:DY) Drops By 10.4%

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Dycom Industries, Inc. (NYSE:DY) was the recipient of a large decrease in short interest during the month of June. As of June 30th, there was short interest totalling 2,266,200 shares, a decrease of 10.4% from the May 30th total of 2,528,200 shares. Based on an average daily trading volume, of 445,600 shares, the days-to-cover ratio is currently 5.1 days. Currently, 7.6% of the shares of the company are sold short.

Shares of NYSE:DY traded up $0.14 on Friday, hitting $55.77. The company’s stock had a trading volume of 245,230 shares, compared to its average volume of 293,536. Dycom Industries has a 12 month low of $41.78 and a 12 month high of $99.99. The firm has a market capitalization of $1.76 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 2.90 and a beta of 1.34. The company’s 50-day moving average price is $55.11. The company has a quick ratio of 3.14, a current ratio of 3.45 and a debt-to-equity ratio of 1.11.

Dycom Industries (NYSE:DY) last released its quarterly earnings results on Tuesday, May 21st. The construction company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.10. Dycom Industries had a return on equity of 10.52% and a net margin of 1.86%. The company had revenue of $883.70 million during the quarter, compared to analysts’ expectations of $771.90 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. On average, equities research analysts expect that Dycom Industries will post 2.57 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in DY. Stephens Inc. AR raised its position in Dycom Industries by 36.4% in the fourth quarter. Stephens Inc. AR now owns 3,931 shares of the construction company’s stock worth $212,000 after acquiring an additional 1,048 shares during the period. Texas Permanent School Fund raised its position in Dycom Industries by 4.2% in the fourth quarter. Texas Permanent School Fund now owns 20,480 shares of the construction company’s stock worth $1,107,000 after acquiring an additional 826 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Dycom Industries by 18.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,515 shares of the construction company’s stock worth $514,000 after acquiring an additional 1,508 shares during the period. Standard Life Aberdeen plc raised its position in Dycom Industries by 12.4% in the fourth quarter. Standard Life Aberdeen plc now owns 17,200 shares of the construction company’s stock worth $906,000 after acquiring an additional 1,900 shares during the period. Finally, Blueshift Asset Management LLC bought a new position in Dycom Industries in the fourth quarter worth approximately $277,000. 93.47% of the stock is owned by institutional investors.

A number of research analysts recently commented on the company. Wells Fargo & Co restated a “hold” rating and set a $175.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, May 22nd. Craig Hallum restated an “in-line” rating and set a $65.00 price objective (up from $51.00) on shares of Dycom Industries in a research note on Wednesday, May 22nd. Canaccord Genuity reissued an “average” rating and issued a $18.00 price target on shares of in a research note on Wednesday, May 22nd. ValuEngine cut Wolverine World Wide from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Zacks Investment Research cut Hammerson from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Dycom Industries presently has a consensus rating of “Hold” and a consensus price target of $62.13.

Dycom Industries Company Profile

Dycom Industries, Inc provides specialty contracting services in the United States. 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.

Further Reading: How Do You Calculate Return on Equity (ROE)?

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