AT&T Inc. $T Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P reduced its stake in AT&T by 11.6% during the first quarter, now holding 1,658,074 shares valued at approximately $46.89 million.
• Analysts have mixed ratings on AT&T, with price targets ranging from $30.21 to $33.00, reflecting an overall "Moderate Buy" rating.
• AT&T reported quarterly earnings of $0.54 per share, surpassing estimates, with a revenue of $30.85 billion, marking a 3.4% year-over-year increase.

Martingale Asset Management L P cut its position in AT&T Inc. (NYSE:T - Free Report) by 11.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,658,074 shares of the technology company's stock after selling 217,185 shares during the quarter. AT&T comprises about 1.2% of Martingale Asset Management L P's portfolio, making the stock its 3rd biggest holding. Martingale Asset Management L P's holdings in AT&T were worth $46,890,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in T. Stone House Investment Management LLC bought a new position in AT&T during the first quarter worth about $25,000. Hager Investment Management Services LLC boosted its holdings in AT&T by 182.1% in the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares during the period. IMA Advisory Services Inc. acquired a new position in shares of AT&T during the 1st quarter worth approximately $29,000. Core Alternative Capital grew its position in shares of AT&T by 125.4% during the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock worth $29,000 after purchasing an additional 568 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new position in shares of AT&T during the fourth quarter worth approximately $25,000. Institutional investors own 57.10% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price target on AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Raymond James Financial reiterated a "strong-buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Thursday, July 24th. Wells Fargo & Company upped their price objective on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Hsbc Global Res cut AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Finally, Citigroup reissued a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $30.21.

AT&T Price Performance

Shares of T opened at $29.2660 on Thursday. 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 $209.26 billion, a PE ratio of 16.63, a PEG ratio of 3.58 and a beta of 0.42. AT&T Inc. has a 12-month low of $19.40 and a 12-month high of $29.38. The business has a 50-day simple moving average of $27.96 and a two-hundred day simple moving average of $27.29.

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

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T's dividend payout ratio (DPR) is currently 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.

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