Thu Sep 19 08:59:33 UTC 2024: ## Victory Capital Cuts Stake in Dycom Industries, Other Funds Adjust Positions

**New York, NY – September 19, 2024** – Victory Capital Management Inc. trimmed its holdings in Dycom Industries, Inc. (NYSE:DY) by 9.8% during the second quarter, according to a recent SEC filing. The move comes amidst a flurry of activity by other institutional investors and hedge funds.

While Victory Capital sold off a portion of its stake, several other funds increased their positions. US Bancorp DE boosted its stake by 109.3%, BNP Paribas Financial Markets by 33.1%, Sheets Smith Wealth Management by 100.0%, Vanguard Group Inc. by 1.3%, and Peconic Partners LLC by 0.7%. Collectively, hedge funds and institutional investors now own 98.33% of Dycom Industries stock.

Analyst sentiment remains positive, with six brokerages rating the stock as a “buy” and one issuing a “strong-buy” rating. One research analyst assigned a “hold” rating, resulting in a consensus “Buy” rating and an average target price of $199.57. Recent price target adjustments include increases from Raymond James, Craig Hallum, KeyCorp, and Wells Fargo & Company.

Dycom Industries, a leading provider of specialty contracting services to the telecommunications and utility industries, exceeded analysts’ earnings expectations for the second quarter, reporting $2.46 per share compared to the consensus estimate of $2.26. Revenue also met expectations at $1.20 billion.

Shares of Dycom Industries opened at $190.14 on Thursday, with a 52-week range of $78.42 to $196.34. The company boasts a strong financial position, as evidenced by its current ratio of 3.44, quick ratio of 3.25, and debt-to-equity ratio of 0.81.

**Disclaimer:** This news article is for informational purposes only and should not be considered investment advice.

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