Douglas Lane & Associates LLC Decreases Stock Holdings in AT&T Inc. (NYSE:T)
Douglas Lane & Associates LLC trimmed its position in AT&T Inc. (NYSE:T – Get Rating) by 2.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 234,883 shares of the technology company’s stock after selling 5,038 shares during the quarter. Douglas Lane & Associates LLC’s holdings in AT&T were worth $4,923,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. SWS Partners purchased a new position in AT&T during the 1st quarter valued at $25,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in AT&T during the 1st quarter valued at $27,000. Cordant Inc. purchased a new position in AT&T during the 1st quarter valued at $31,000. Capital Management Associates NY purchased a new position in AT&T during the 1st quarter valued at $34,000. Finally, SBK Financial Inc. purchased a new position in AT&T during the 4th quarter valued at $35,000. 52.88% of the stock is owned by hedge funds and other institutional investors.
AT&T Price Performance
T opened at $16.01 on Monday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.64 and a current ratio of 0.70. The stock has a market capitalization of $114.09 billion, a P/E ratio of 5.89, a P/E/G ratio of 1.88 and a beta of 0.48. The company’s 50-day simple moving average is $17.91 and its two-hundred day simple moving average is $19.94. AT&T Inc. has a 52-week low of $15.85 and a 52-week high of $21.53.
AT&T (NYSE:T – Get Rating) last posted its earnings results on Thursday, July 21st. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. The business had revenue of $29.64 billion for the quarter, compared to analysts’ expectations of $29.48 billion. AT&T had a net margin of 13.41% and a return on equity of 13.11%. The business’s revenue for the quarter was down 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 EPS. As a group, analysts predict that AT&T Inc. will post 2.54 EPS for the current year.
AT&T Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Monday, July 11th were paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 6.93%. The ex-dividend date of this dividend was Friday, July 8th. AT&T’s dividend payout ratio is currently 40.81%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on T. Tigress Financial reduced their price objective on shares of AT&T from $31.00 to $28.00 in a research report on Thursday, June 16th. Raymond James reaffirmed an “outperform” rating and issued a $26.00 target price on shares of AT&T in a research report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of AT&T from $24.00 to $22.00 in a research report on Friday, July 22nd. Wells Fargo & Company reduced their target price on shares of AT&T to $22.00 in a research report on Friday, July 22nd. Finally, Truist Financial reduced their target price on shares of AT&T to $21.00 in a research report on Friday, July 22nd. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.41.
AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.
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