AT&T Inc. (NYSE:T) Position Lessened by GM Advisory Group LLC

GM Advisory Group LLC trimmed its position in shares of AT&T Inc. (NYSE:T) by 57.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 30,265 shares of the technology company’s stock after selling 40,826 shares during the quarter. GM Advisory Group LLC’s holdings in AT&T were worth $666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd increased its position in AT&T by 30.3% during the first quarter. Covestor Ltd now owns 2,678 shares of the technology company’s stock worth $48,000 after buying an additional 622 shares during the last quarter. Gabelli Funds LLC increased its position in AT&T by 11.7% during the first quarter. Gabelli Funds LLC now owns 332,900 shares of the technology company’s stock worth $5,859,000 after buying an additional 35,000 shares during the last quarter. 1832 Asset Management L.P. increased its position in AT&T by 70.1% during the first quarter. 1832 Asset Management L.P. now owns 2,375 shares of the technology company’s stock worth $42,000 after buying an additional 979 shares during the last quarter. Kestra Advisory Services LLC increased its position in AT&T by 11.7% during the first quarter. Kestra Advisory Services LLC now owns 1,193,067 shares of the technology company’s stock worth $20,998,000 after buying an additional 125,074 shares during the last quarter. Finally, NWI Management LP increased its position in AT&T by 80.0% during the first quarter. NWI Management LP now owns 900,000 shares of the technology company’s stock worth $15,840,000 after buying an additional 400,000 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

T has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Evercore ISI raised their price target on AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research report on Thursday, October 24th. Moffett Nathanson raised their price target on AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Oppenheimer raised their price target on AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Redburn Atlantic raised AT&T to a “strong sell” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Up 0.8 %

T stock opened at $23.18 on Friday. AT&T Inc. has a twelve month low of $15.94 and a twelve month high of $23.29. The company has a market cap of $166.29 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 3.45 and a beta of 0.59. The business’s 50-day simple moving average is $22.02 and its 200 day simple moving average is $19.92. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to analysts’ expectations of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 earnings per share. On average, research analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio is 90.24%.

AT&T Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.