AT&T Inc. $T Holdings Lessened by Arnhold LLC

Key Points

• Arnhold LLC reduced its stake in AT&T by 20.7% in the first quarter, holding 1,273,058 shares, making it the firm's 3rd largest position.
• AT&T reported a quarterly earnings per share of $0.54, exceeding estimates, with a revenue of $30.85 billion reflecting a 3.4% increase year-over-year.
• The company announced a quarterly dividend of $0.2775, resulting in an annualized dividend yield of 3.8%.

Arnhold LLC cut its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 20.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,273,058 shares of the technology company's stock after selling 332,388 shares during the quarter. AT&T comprises 3.6% of Arnhold LLC's investment portfolio, making the stock its 3rd biggest position. Arnhold LLC's holdings in AT&T were worth $36,002,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stone House Investment Management LLC acquired a new position in AT&T during the first quarter worth about $25,000. Hager Investment Management Services LLC boosted its position in AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after acquiring an additional 641 shares during the last quarter. IMA Advisory Services Inc. acquired a new position in AT&T during the first quarter worth about $29,000. Core Alternative Capital boosted its position in AT&T by 125.4% during the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock worth $29,000 after acquiring an additional 568 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in AT&T during the fourth quarter worth about $25,000. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on T. UBS Group restated a "buy" rating and set a $31.00 price target (up from $30.00) on shares of AT&T in a research report on Wednesday, June 18th. Citigroup restated a "buy" rating on shares of AT&T in a research report on Tuesday, June 17th. Morgan Stanley boosted their price target on shares of AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Bank of America started coverage on shares of AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, AT&T presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.21.

AT&T Trading Down 2.4%

NYSE:T traded down $0.7110 on Friday, hitting $28.7290. The stock had a trading volume of 33,993,083 shares, compared to its average volume of 30,014,602. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The stock has a market cap of $205.42 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 3.56 and a beta of 0.42. The company has a fifty day moving average price of $27.99 and a two-hundred day moving average price of $27.38. AT&T Inc. has a 1-year low of $19.51 and a 1-year high of $29.65.

AT&T (NYSE:T - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T's revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 EPS. Equities research analysts expect that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T's payout ratio is 63.07%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.