On September 18, 2023, Bloomberg reported that Dycom Industries, Inc. (NYSE:DY) has received an average rating of “Moderate Buy” from six brokerages currently covering the company. Out of the six analysts, one has suggested holding the stock, while five have recommended buying it. In the past year, analysts who have covered the stock gave it an average 12-month price target of $120.40.
DY stock opened at $96.93 on Monday. The company has a quick ratio of 3.13, a current ratio of 3.38, and a debt-to-equity ratio of 0.83. Over the past fifty-two weeks, Dycom Industries lowest stock price was recorded at $77.33 and its highest at $122.13. The stock’s 50-day simple moving average stands at $100.37, while its 200-day simple moving average is reported as $99.65. The market capitalization of Dycom Industries amounts to $2.84 billion with a PE ratio of 15.17 and a beta of 1.32.
Dycom Industries, Inc is primarily engaged in providing specialty contracting services in the telecommunications infrastructure and utility industries within the United States. The company offers engineering services to telecommunications providers by planning and designing various cable systems such as aerial, underground, buried fiber optic cables, copper cables, and coaxial cables.
Moreover, Dycom Industries also provides support for wireless networks including macro cell and new small cell sites deployment along with program and project management services and inspection personnel.
The latest quarterly earnings data released by Dycom Industries (NYSE:DY) was on August 23rd where they reported earnings per share (EPS) of $2.03 for the quarter surpassing analysts’ consensus estimates by $0.37 with an expected EPS of $1.66.
Furthermore, the company generated $1.04 billion in revenue for the quarter, exceeding analysts’ expectations of $1.03 billion. Dycom Industries also demonstrated a net margin of 4.71% and a return on equity of 20.89%. In terms of year-on-year growth, the company’s revenue increased by 7.1% in comparison to the same quarter last year when it earned an EPS of $1.46.
According to sell-side analysts, they anticipate that Dycom Industries will achieve an EPS of 6.56 for the current fiscal year.
In conclusion, Dycom Industries has received a “Moderate Buy” rating from brokerage firms with a majority vote in favor of buying the stock. The company’s financial performance showcases strong earnings growth and surpassed revenue expectations for the last quarter, implying positive prospects for investors.
Analyst Reports and Institutional Interest Highlight Growth Potential in Dycom Industries
On September 18, 2023, Dycom Industries sparked the interest of research analysts and investors alike with its recent activity in the market. Several research analyst reports have highlighted the company’s performance and prospects, shedding light on its potential for future growth.
One of these reports came from DA Davidson, which reaffirmed its “buy” rating on shares of Dycom Industries. This indicates the analyst’s belief that investing in the company would be profitable. The report was released on May 31st and provided further insight into the company’s current standing.
Another research note from UBS Group discussed Dycom Industries’ target price, which had been lowered to $127.00 from $132.00. Despite the reduction, UBS Group maintained a “buy” rating on the stock, indicating their confidence in its long-term prospects.
StockNews.com also shared positive news about Dycom Industries by upgrading its rating from “hold” to “buy.” This positive change could attract more investors looking for potential opportunities in the stock market.
B. Riley offered a more neutral stance with a “neutral” rating and a target price of $111.00. Although not as optimistic as some other reports, B. Riley still acknowledged Dycom Industries’ value in their comprehensive analysis.
Raymond James took note of Dycom Industries’ potential by initiating coverage on the stock with an “outperform” rating and setting a target price of $120.00. This indicates Raymond James’ belief that investing in Dycom Industries could yield significant returns.
In addition to research analysts’ opinions, institutional investors have exhibited confidence in Dycom Industries by making changes to their positions within the company recently. For instance, West Tower Group LLC acquired a new position worth approximately $26,000 in Q2 2023, signifying their interest in capitalizing on potential gains from investing in this construction company.
Resurgent Financial Advisors LLC also recognized potential opportunities in Dycom Industries by purchasing a stake reportedly worth around $36,000 during the same period. This move showcases their faith in the company’s ability to deliver positive results.
CWM LLC boosted its position in Dycom Industries by 35.2% in Q1 2023, adding an additional 112 shares worth $40,000 to their portfolio. Rockefeller Capital Management L.P., on the other hand, increased its stake by 114.0% during Q4 2022 and now owns 490 shares valued at $45,000.
BI Asset Management Fondsmaeglerselskab A S saw potential in Dycom Industries and purchased a new stake worth approximately $66,000 during Q2 2023.
Overall, it is clear that research analysts and institutional investors have expressed confidence and interest in Dycom Industries. The recent series of analyst reports and changes in institutional positions demonstrate a belief that investing in this construction company could lead to substantial returns. Investors looking for opportunities within the market may find Dycom Industries worthy of consideration given these positive indicators on its current performance and future prospects.