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Dycom Industries, Inc. (DY), Matrix Service Co (MTRX): Here is What Hedge Funds and Insiders Think About

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What’s a smart Dycom Industries, Inc. (NYSE:DY) investor to do?

At the moment, there are plenty of indicators market participants can use to watch publicly traded companies. Some of the most innovative are hedge fund and insider trading activity. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite investment managers can outclass the broader indices by a superb amount (see just how much).

Dycom Industries, Inc. (NYSE:DY)

Just as key, optimistic insider trading activity is a second way to analyze the stock market universe. There are many reasons for an executive to drop shares of his or her company, but only one, very simple reason why they would behave bullishly. Plenty of empirical studies have demonstrated the valuable potential of this tactic if piggybackers understand where to look (learn more here).

Thus, it’s important to study the latest info about Dycom Industries, Inc. (NYSE:DY).

How are hedge funds trading Dycom Industries, Inc. (NYSE:DY)?

At Q2’s end, a total of 12 of the hedge funds we track held long positions in this stock, a change of 0% from one quarter earlier. With the smart money’s capital changing hands, there exists a select group of noteworthy hedge fund managers who were boosting their holdings meaningfully.

When using filings from the hedgies we track, William Harnisch’s Peconic Partners LLC had the biggest position in Dycom Industries, Inc. (NYSE:DY), worth close to $50.5 million, comprising 6.7% of its total 13F portfolio. Sitting at the No. 2 spot is D E Shaw, managed by D. E. Shaw, which held a $8 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedgies with similar optimism include Cliff Asness’s AQR Capital Management, Ken Grossman and Glen Schneider’s SG Capital Management and Richard S. Meisenberg’s ACK Asset Management.

Because Dycom Industries, Inc. (NYSE:DY) has faced declining interest from the top-tier hedge fund industry, it’s easy to see that there lies a certain “tier” of hedge funds that decided to sell off their positions entirely heading into Q2. Intriguingly, Jim Simons’s Renaissance Technologies sold off the biggest position of the 450+ funds we watch, totaling about $0.7 million in stock. Mike Vranos’s fund, Ellington, also dumped its stock, about $0.4 million worth. These transactions are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Insider trading activity in Dycom Industries, Inc. (NYSE:DY)

Insider buying is best served when the primary stock in question has experienced transactions within the past 180 days. Over the latest half-year time period, Dycom Industries, Inc. (NYSE:DY) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

We’ll also examine the relationship between both of these indicators in other stocks similar to Dycom Industries, Inc. (NYSE:DY). These stocks are Matrix Service Co (NASDAQ:MTRX), Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), Layne Christensen Company (NASDAQ:LAYN), Tutor Perini Corp (NYSE:TPC), and Aegion Corp – Class A (NASDAQ:AEGN). This group of stocks belong to the heavy construction industry and their market caps are similar to DY’s market cap.

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