AT&T Inc. $T Stock Position Trimmed by Arnhold LLC

Key Points

• Arnhold LLC cut its AT&T position by 9.3% in the third quarter, selling 175,000 shares and retaining 1.71 million shares worth approximately $41.66 million. Institutional investors and hedge funds collectively own 57.1% of AT&T.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” from 19 analysts and an average price target of $28.55, although several firms recently lowered their targets.
• AT&T exceeded quarterly earnings and revenue estimates, reporting $0.65 in EPS and $32.32 billion in revenue. The company declared a quarterly dividend of $0.2775 per share, equal to a 5.3% annualized yield.

Arnhold LLC decreased its position in AT&T Inc. (NYSE:T - Free Report) by 9.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,707,381 shares of the technology company's stock after selling 175,000 shares during the quarter. AT&T accounts for about 3.0% of Arnhold LLC's investment portfolio, making the stock its 8th largest holding. Arnhold LLC's holdings in AT&T were worth $41,660,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Hibernia Wealth Partners LLC lifted its holdings in AT&T by 4.5% in the 1st quarter. Hibernia Wealth Partners LLC now owns 9,105 shares of the technology company's stock worth $264,000 after buying an additional 392 shares in the last quarter. M.E. Allison & CO. Inc. boosted its holdings in AT&T by 0.5% in the second quarter. M.E. Allison & CO. Inc. now owns 76,978 shares of the technology company's stock valued at $1,593,000 after purchasing an additional 397 shares during the last quarter. Accredited Investors Inc. boosted its holdings in AT&T by 3.5% in the first quarter. Accredited Investors Inc. now owns 11,901 shares of the technology company's stock valued at $345,000 after purchasing an additional 400 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its stake in AT&T by 0.4% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 97,209 shares of the technology company's stock valued at $2,818,000 after purchasing an additional 402 shares in the last quarter. Finally, Welch & Forbes LLC grew its stake in AT&T by 0.3% during the 1st quarter. Welch & Forbes LLC now owns 133,287 shares of the technology company's stock valued at $3,864,000 after purchasing an additional 432 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on T. Morgan Stanley dropped their price objective on AT&T from $28.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday. The Goldman Sachs Group set a $27.00 target price on AT&T in a research note on Wednesday, October 21st. Sanford C. Bernstein cut AT&T from an "outperform" rating to a "market perform" rating and set a $24.00 target price for the company. in a research note on Tuesday, October 13th. Argus reissued a "buy" rating and set a $30.00 price target on shares of AT&T in a research report on Thursday, October 22nd. Finally, Barclays dropped their price target on shares of AT&T from $24.00 to $21.00 and set an "equal weight" rating for the company in a research note on Thursday. Twelve analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.55.

AT&T Stock Performance

Shares of AT&T stock opened at $20.83 on Tuesday. The firm has a market cap of $140.30 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.04 and a beta of 0.25. The firm's 50-day simple moving average is $24.76 and its 200-day simple moving average is $25.04. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.82 and a current ratio of 0.87. AT&T Inc. has a 1 year low of $19.89 and a 1 year high of $29.43.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $32.32 billion for the quarter, compared to analysts' expectations of $31.69 billion. AT&T had a net margin of 10.19% and a return on equity of 13.41%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. Equities analysts forecast that AT&T Inc. will post 2.39 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Monday, October 12th will be paid a dividend of $0.2775 per share. The ex-dividend date is Friday, October 9th. This represents a $1.11 annualized dividend and a yield of 5.3%. AT&T's dividend payout ratio is presently 60.00%.

AT&T Profile

AT&T Inc NYSE: T is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions.

The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.

AT&T traces its history to the Bell System and has operated under its current corporate name since 2005, following the acquisition of AT&T Corp.

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