Dycom Industries Net Worth
Dycom Industries Net Worth Breakdown | DY |
Dycom Industries Net Worth Analysis
Dycom Industries' net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Dycom Industries' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Dycom Industries' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Dycom Industries' net worth analysis. One common approach is to calculate Dycom Industries' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Dycom Industries' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Dycom Industries' net worth. This approach calculates the present value of Dycom Industries' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Dycom Industries' cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Dycom Industries' net worth. This involves comparing Dycom Industries' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Dycom Industries' net worth relative to its peers.
Enterprise Value |
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To determine if Dycom Industries is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Dycom Industries' net worth research are outlined below:
| Over 96.0% of the company shares are held by institutions such as insurance companies | |
| Latest headline from finance.yahoo.com: Why Dycom Stock Is Falling Today |
Dycom Industries Quarterly Good Will |
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Dycom Industries uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Dycom Industries. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Dycom Industries' previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 6th of March 2024 Upcoming Quarterly Report | View | |
| 22nd of May 2024 Next Financial Report | View | |
| 31st of January 2024 Next Fiscal Quarter End | View | |
| 6th of March 2024 Next Fiscal Year End | View | |
| 31st of October 2023 Last Quarter Report | View | |
| 31st of January 2023 Last Financial Announcement | View |
Dycom Industries Target Price Consensus
Dycom target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Dycom Industries' target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 9 | Strong Buy |
Most Dycom analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Dycom stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Dycom Industries, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationDycom Industries Target Price Projection
Dycom Industries' current and average target prices are 261.00 and 260.89, respectively. The current price of Dycom Industries is the price at which Dycom Industries is currently trading. On the other hand, Dycom Industries' target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Dycom Industries Market Quote on 24th of July 2025
Target Price
Analyst Consensus On Dycom Industries Target Price
Know Dycom Industries' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Dycom Industries is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Dycom Industries backward and forwards among themselves. Dycom Industries' institutional investor refers to the entity that pools money to purchase Dycom Industries' securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
| Shares | Morgan Stanley - Brokerage Accounts | 2025-03-31 | 393.2 K | Charles Schwab Investment Management Inc | 2025-03-31 | 392.5 K | Ack Asset Management Llc | 2025-03-31 | 382.8 K | Norges Bank | 2024-12-31 | 320.6 K | Northern Trust Corp | 2025-03-31 | 316.5 K | Bank Of America Corp | 2025-03-31 | 293.4 K | Ing Investment Management Llc | 2025-03-31 | 289.8 K | Sg Capital Management, Llc | 2025-03-31 | 277.4 K | Hennessy Advisors, Inc. | 2025-03-31 | 262.9 K | Blackrock Inc | 2025-03-31 | 4.4 M | Peconic Partners Llc | 2025-03-31 | 3.7 M |
Follow Dycom Industries' market capitalization trends
The company currently falls under 'Mid-Cap' category with a market capitalization of 7.31 B.Market Cap |
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Project Dycom Industries' profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.10 | 0.01 | |
| Return On Capital Employed | 0.14 | 0.04 | |
| Return On Assets | 0.08 | 0.01 | |
| Return On Equity | 0.19 | 0.01 |
When accessing Dycom Industries' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Dycom Industries' profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Dycom Industries' profitability and make more informed investment decisions.
Please note, the imprecision that can be found in Dycom Industries' accounting process means that the reasonable investor should take a skeptical approach toward the financial statement analysis of Dycom Industries. Check Dycom Industries' Beneish M Score to see the likelihood of Dycom Industries' management manipulating its earnings.
Evaluate Dycom Industries' management efficiency
Dycom Industries has Return on Asset (ROA) of 0.0763 % which means that for every $100 of assets, it generated a profit of $0.0763. This is way below average. Likewise, it shows a return on total equity (ROE) of 0.1976 %, which means that it produced $0.1976 on every 100 dollars invested by current stockholders. Dycom Industries' management efficiency ratios could be used to measure how well Dycom Industries manages its routine affairs as well as how well it operates its assets and liabilities. Return On Tangible Assets is likely to drop to 0.01 in 2025. Return On Capital Employed is likely to drop to 0.04 in 2025. At this time, Dycom Industries' Total Assets are fairly stable compared to the past year. Non Current Assets Total is likely to rise to about 1.3 B in 2025, whereas Other Current Assets are likely to drop slightly above 29.6 M in 2025.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 42.56 | 10.13 | |
| Tangible Book Value Per Share | 23.67 | 4.81 | |
| Enterprise Value Over EBITDA | 11.59 | 4.34 | |
| Price Book Value Ratio | 4.53 | 0.89 | |
| Enterprise Value Multiple | 11.59 | 4.34 | |
| Price Fair Value | 4.53 | 0.89 | |
| Enterprise Value | 384.4 M | 365.2 M |
The strategic vision of Dycom Industries management plays a critical role in its financial performance. By evaluating this vision, we provide insights into the stock's growth potential.
Enterprise Value Revenue 1.7757 | Revenue | Quarterly Revenue Growth 0.102 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Dycom Industries insiders, such as employees or executives, is commonly permitted as long as it does not rely on Dycom Industries' material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Dycom Industries insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Dycom Industries Corporate Filings
8K | 17th of June 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
F4 | 2nd of June 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
10Q | 22nd of May 2025 Quarterly performance report mandated by Securities and Exchange Commission (SEC), to be filed by publicly traded corporations | ViewVerify |
| 29th of April 2025 Other Reports | ViewVerify |
Dycom Industries Earnings Estimation Breakdown
The calculation of Dycom Industries' earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Dycom Industries is estimated to be 2.92 with the future projection ranging from a low of 2.74 to a high of 3.04. Please be aware that this consensus of annual earnings estimates for Dycom Industries is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
2.74 Lowest | Expected EPS | 3.04 Highest |
Dycom Industries Earnings Projection Consensus
Suppose the current estimates of Dycom Industries' value are higher than the current market price of the Dycom Industries stock. In this case, investors may conclude that Dycom Industries is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Dycom Industries' stock will quickly adjusts to the new information provided by the consensus estimate.
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of July 2025 | Current EPS (TTM) | |
| 9 | 66.83% | 2.09 | 2.92 | 7.88 |
Dycom Industries Earnings History
Earnings estimate consensus by Dycom Industries analysts from Wall Street is used by the market to judge Dycom Industries' stock performance. Investors also use these earnings estimates to evaluate and project the stock performance into the future in order to make their investment decisions. However, we recommend analyzing not only Dycom Industries' upcoming profit reports and earnings-per-share forecasts but also comparing them to our different valuation methods.Dycom Industries Quarterly Gross Profit |
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Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Dycom Industries' price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Dycom Industries Earnings per Share Projection vs Actual
Actual Earning per Share of Dycom Industries refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Dycom Industries predict the company's earnings will be in the future. The higher the earnings per share of Dycom Industries, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Dycom Industries Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Dycom Industries, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Dycom Industries should always be considered in relation to other companies to make a more educated investment decision.Dycom Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Dycom Industries' stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
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2025-05-21 | 2025-04-30 | 1.64 | 2.09 | 0.45 | 27 | ||
2025-02-26 | 2025-01-31 | 0.9 | 1.17 | 0.27 | 30 | ||
2024-11-20 | 2024-10-31 | 2.26 | 2.37 | 0.11 | 4 | ||
2024-08-21 | 2024-07-31 | 2.25 | 2.32 | 0.07 | 3 | ||
2024-05-22 | 2024-04-30 | 1.51 | 2.12 | 0.61 | 40 | ||
2024-02-28 | 2024-01-31 | 0.96 | 0.79 | -0.17 | 17 | ||
2023-11-21 | 2023-10-31 | 1.76 | 2.82 | 1.06 | 60 | ||
2023-08-23 | 2023-07-31 | 1.68 | 2.03 | 0.35 | 20 | ||
2023-05-24 | 2023-04-30 | 0.73 | 1.73 | 1.0 | 136 | ||
2023-03-01 | 2023-01-31 | 0.16 | 0.83 | 0.67 | 418 | ||
2022-11-22 | 2022-10-31 | 1.3 | 1.8 | 0.5 | 38 | ||
2022-08-24 | 2022-07-31 | 0.99 | 1.46 | 0.47 | 47 | ||
2022-05-25 | 2022-04-30 | 0.16 | 0.65 | 0.49 | 306 | ||
2022-03-02 | 2022-01-31 | -0.09 | 0.03 | 0.12 | 133 | ||
2021-11-23 | 2021-10-31 | 0.67 | 0.94 | 0.27 | 40 | ||
2021-09-01 | 2021-07-31 | 0.75 | 0.6 | -0.15 | 20 | ||
2021-05-25 | 2021-04-30 | -0.04 | 0.03 | 0.07 | 175 | ||
2021-03-03 | 2021-01-31 | 0.07 | -0.07 | -0.14 | 200 | ||
2020-11-24 | 2020-10-31 | 1.02 | 1.05 | 0.03 | 2 | ||
2020-08-26 | 2020-07-31 | 0.6 | 1.15 | 0.55 | 91 | ||
2020-05-19 | 2020-04-30 | -0.17 | -1.03 | -0.86 | 505 | ||
2020-02-26 | 2020-01-31 | -0.14 | -0.35 | -0.21 | 150 | ||
2019-11-26 | 2019-10-31 | 0.72 | 0.88 | 0.16 | 22 | ||
2019-08-28 | 2019-07-31 | 0.74 | 0.94 | 0.2 | 27 | ||
2019-05-21 | 2019-04-30 | 0.32 | 0.45 | 0.13 | 40 | ||
2019-02-27 | 2019-01-31 | 0.28 | -0.38 | -0.66 | 235 | ||
2018-11-20 | 2018-10-31 | 0.84 | 0.87 | 0.03 | 3 | ||
2018-08-29 | 2018-07-31 | 0.97 | 0.94 | -0.03 | 3 | ||
2018-05-22 | 2018-04-30 | 0.62 | 0.53 | -0.09 | 14 | ||
2018-02-28 | 2018-01-31 | 0.99 | 1.24 | 0.25 | 25 | ||
2017-11-20 | 2017-10-31 | 0.84 | 0.9 | 0.06 | 7 | ||
2017-08-30 | 2017-07-31 | 1.38 | 1.38 | 0.0 | 0 | ||
2017-05-24 | 2017-04-30 | 1.13 | 1.22 | 0.09 | 7 | ||
2017-03-01 | 2017-01-31 | 0.63 | 0.74 | 0.11 | 17 | ||
2016-11-21 | 2016-10-31 | 1.59 | 1.59 | 0.0 | 0 | ||
2016-08-23 | 2016-07-31 | 1.56 | 1.64 | 0.08 | 5 | ||
2016-05-24 | 2016-04-30 | 0.7 | 1.0 | 0.3 | 42 | ||
2016-02-23 | 2016-01-31 | 0.56 | 0.46 | -0.1 | 17 | ||
2015-11-23 | 2015-10-31 | 1.01 | 0.91 | -0.1 | 9 | ||
2015-08-25 | 2015-07-31 | 0.83 | 0.97 | 0.14 | 16 | ||
2015-05-19 | 2015-04-30 | 0.38 | 0.58 | 0.2 | 52 | ||
2015-02-24 | 2015-01-31 | 0.1 | 0.27 | 0.17 | 170 | ||
2014-11-24 | 2014-10-31 | 0.5 | 0.59 | 0.09 | 18 | ||
2014-08-26 | 2014-07-31 | 0.47 | 0.47 | 0.0 | 0 | ||
2014-05-20 | 2014-04-30 | 0.22 | 0.23 | 0.01 | 4 | ||
2014-02-25 | 2014-01-31 | -0.09 | -0.09 | 0.0 | 0 | ||
2013-11-25 | 2013-10-31 | 0.46 | 0.54 | 0.08 | 17 | ||
2013-08-27 | 2013-07-31 | 0.45 | 0.43 | -0.02 | 4 | ||
2013-05-21 | 2013-04-30 | 0.17 | 0.21 | 0.04 | 23 | ||
2013-02-26 | 2013-01-31 | 0.09 | 0.04 | -0.05 | 55 | ||
2012-11-19 | 2012-10-31 | 0.35 | 0.35 | 0.0 | 0 | ||
2012-08-28 | 2012-07-31 | 0.42 | 0.39 | -0.03 | 7 | ||
2012-05-22 | 2012-04-30 | 0.21 | 0.28 | 0.07 | 33 | ||
2012-02-28 | 2012-01-31 | 0.05 | 0.1 | 0.05 | 100 | ||
2011-11-21 | 2011-10-31 | 0.3 | 0.38 | 0.08 | 26 | ||
2011-08-23 | 2011-07-31 | 0.25 | 0.38 | 0.13 | 52 | ||
2011-05-24 | 2011-04-30 | 0.03 | 0.04 | 0.01 | 33 | ||
2011-03-01 | 2011-01-31 | 0.02 | -0.14 | -0.16 | 800 | ||
2010-11-22 | 2010-10-31 | 0.1 | 0.18 | 0.08 | 80 | ||
2010-08-24 | 2010-07-31 | 0.11 | 0.12 | 0.01 | 9 | ||
2010-05-25 | 2010-04-30 | 0.02 | 0.04 | 0.02 | 100 | ||
2010-02-23 | 2010-01-31 | -0.01 | -0.1 | -0.09 | 900 | ||
2009-11-23 | 2009-10-31 | 0.18 | 0.09 | -0.09 | 50 | ||
2009-08-25 | 2009-07-31 | 0.14 | 0.17 | 0.03 | 21 | ||
2009-05-19 | 2009-04-30 | 0.04 | 0.13 | 0.09 | 225 | ||
2009-02-24 | 2009-01-31 | -1.51 | -1.99 | -0.48 | 31 | ||
2008-11-24 | 2008-10-31 | 0.22 | 0.27 | 0.05 | 22 | ||
2008-08-26 | 2008-07-31 | 0.22 | 0.12 | -0.1 | 45 | ||
2008-05-20 | 2008-04-30 | 0.12 | 0.19 | 0.07 | 58 | ||
2008-02-26 | 2008-01-31 | -0.07 | -0.08 | -0.01 | 14 | ||
2007-11-19 | 2007-10-31 | 0.36 | 0.37 | 0.01 | 2 | ||
2007-08-28 | 2007-07-31 | 0.32 | 0.35 | 0.03 | 9 | ||
2007-05-22 | 2007-04-30 | 0.27 | 0.31 | 0.04 | 14 | ||
2007-02-27 | 2007-01-31 | 0.14 | 0.14 | 0.0 | 0 | ||
2006-11-20 | 2006-10-31 | 0.26 | 0.24 | -0.02 | 7 | ||
2006-08-29 | 2006-07-31 | 0.2 | 0.25 | 0.05 | 25 | ||
2006-05-23 | 2006-04-30 | 0.15 | -0.16 | -0.31 | 206 | ||
2006-02-27 | 2006-01-31 | 0.08 | 0.1 | 0.02 | 25 | ||
2005-11-21 | 2005-10-31 | 0.2 | 0.23 | 0.03 | 15 | ||
2005-08-29 | 2005-07-31 | -0.27 | -0.25 | 0.02 | 7 | ||
2005-05-23 | 2005-04-30 | 0.26 | 0.28 | 0.02 | 7 | ||
2005-02-28 | 2005-01-31 | 0.19 | 0.15 | -0.04 | 21 | ||
2004-11-22 | 2004-10-31 | 0.38 | 0.32 | -0.06 | 15 | ||
2004-08-30 | 2004-07-31 | 0.35 | 0.35 | 0.0 | 0 | ||
2004-05-24 | 2004-04-30 | 0.23 | 0.26 | 0.03 | 13 | ||
2004-02-23 | 2004-01-31 | 0.18 | 0.2 | 0.02 | 11 | ||
2003-11-24 | 2003-10-31 | 0.25 | 0.29 | 0.04 | 16 | ||
2003-08-25 | 2003-07-31 | 0.18 | 0.24 | 0.06 | 33 | ||
2003-06-02 | 2003-04-30 | 0.05 | 0.06 | 0.01 | 20 | ||
2003-02-24 | 2003-01-31 | -0.02 | -0.02 | 0.0 | 0 | ||
2002-11-25 | 2002-10-31 | 0.07 | 0.09 | 0.02 | 28 | ||
2002-08-27 | 2002-07-31 | 0.1 | 0.06 | -0.04 | 40 | ||
2002-06-03 | 2002-04-30 | 0.15 | 0.15 | 0.0 | 0 | ||
2002-02-18 | 2002-01-31 | 0.12 | 0.12 | 0.0 | 0 | ||
2001-11-19 | 2001-10-31 | 0.16 | 0.19 | 0.03 | 18 | ||
2001-08-27 | 2001-07-31 | 0.32 | 0.32 | 0.0 | 0 | ||
2001-06-04 | 2001-04-30 | 0.25 | 0.31 | 0.06 | 24 | ||
2001-02-26 | 2001-01-31 | 0.29 | 0.31 | 0.02 | 6 | ||
2000-11-27 | 2000-10-31 | 0.45 | 0.51 | 0.06 | 13 | ||
2000-08-28 | 2000-07-31 | 0.42 | 0.51 | 0.09 | 21 | ||
2000-05-22 | 2000-04-30 | 0.34 | 0.4 | 0.06 | 17 | ||
2000-02-28 | 2000-01-31 | 0.25 | 0.25 | 0.0 | 0 | ||
1999-11-22 | 1999-10-31 | 0.3 | 0.32 | 0.02 | 6 | ||
1999-08-30 | 1999-07-31 | 0.28 | 0.35 | 0.07 | 25 | ||
1999-05-24 | 1999-04-30 | 0.23 | 0.26 | 0.03 | 13 | ||
1999-02-22 | 1999-01-31 | 0.16 | 0.2 | 0.04 | 25 | ||
1998-11-23 | 1998-10-31 | 0.19 | 0.22 | 0.03 | 15 | ||
1998-08-31 | 1998-07-31 | 0.18 | 0.21 | 0.03 | 16 | ||
1998-05-26 | 1998-04-30 | 0.15 | 0.16 | 0.01 | 6 | ||
1998-02-23 | 1998-01-31 | 0.1 | 0.11 | 0.01 | 10 | ||
1997-11-24 | 1997-10-31 | 0.12 | 0.14 | 0.02 | 16 | ||
1997-09-26 | 1997-07-31 | 0.12 | 0.16 | 0.04 | 33 | ||
1997-05-27 | 1997-04-30 | 0.1 | 0.12 | 0.02 | 20 | ||
1997-02-24 | 1997-01-31 | 0.06 | 0.08 | 0.02 | 33 | ||
1996-11-25 | 1996-10-31 | 0.08 | 0.08 | 0.0 | 0 |
Dycom Industries Corporate Directors
| Jennifer Fritzsche | Independent Director | Profile | |
| Dwight Duke | Independent Director | Profile | |
| Laurie Thomsen | Independent Director | Profile | |
| Richard Sykes | Lead Independent Director | Profile |
Additional Tools for Dycom Stock Analysis
When running Dycom Industries' price analysis, check to measure Dycom Industries' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Dycom Industries is operating at the current time. Most of Dycom Industries' value examination focuses on studying past and present price action to predict the probability of Dycom Industries' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Dycom Industries' price. Additionally, you may evaluate how the addition of Dycom Industries to your portfolios can decrease your overall portfolio volatility.