700,000 Shares in AT&T Inc. (NYSE:T) Acquired by Bornite Capital Management LP

Key Points

• Bornite Capital Management LP invested approximately $19.8 million in AT&T by acquiring 700,000 shares, ranking it as the firm's 9th largest position.
• AT&T recently reported a quarterly earnings per share (EPS) of $0.54, exceeding expectations, with a revenue increase of 3.4% year-over-year, totaling $30.85 billion.
• Several analysts have raised their price targets for AT&T, with the average target now at $29.66, reflecting a "Moderate Buy" consensus rating among investment analysts.

Bornite Capital Management LP acquired a new stake in AT&T Inc. (NYSE:T - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 700,000 shares of the technology company's stock, valued at approximately $19,796,000. AT&T accounts for 5.1% of Bornite Capital Management LP's portfolio, making the stock its 9th biggest holding.

Several other hedge funds also recently bought and sold shares of the company. Minot DeBlois Advisors LLC bought a new stake in shares of AT&T during the 4th quarter worth $25,000. Capital A Wealth Management LLC bought a new stake in AT&T during the fourth quarter worth about $25,000. Putney Financial Group LLC purchased a new position in shares of AT&T in the 4th quarter worth about $27,000. Hager Investment Management Services LLC increased its position in shares of AT&T by 182.1% during 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 last quarter. Finally, Core Alternative Capital raised its holdings 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 valued at $29,000 after buying an additional 568 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Stock Up 1.3%

Shares of NYSE T traded up $0.37 on Tuesday, reaching $28.51. 30,754,806 shares of the company's stock traded hands, compared to its average volume of 37,614,555. The business's 50 day simple moving average is $27.84 and its two-hundred day simple moving average is $27.11. AT&T Inc. has a 12 month low of $18.97 and a 12 month high of $29.19. The company has a market cap of $203.86 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 3.48 and a beta of 0.42. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%. The business had revenue of $30.85 billion during the quarter, compared to analysts' expectations of $30.44 billion. During the same quarter in the previous year, the business earned $0.51 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Thursday, July 10th. AT&T's dividend payout ratio (DPR) is currently 63.07%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. UBS Group reaffirmed a "buy" rating and issued a $31.00 target price (up previously from $30.00) on shares of AT&T in a research note on Wednesday, June 18th. Cowen reaffirmed a "hold" rating on shares of AT&T in a report on Thursday, April 24th. Evercore ISI boosted their price target on shares of AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Wells Fargo & Company raised their price objective on AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Barclays increased their target price on AT&T from $27.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AT&T has an average rating of "Moderate Buy" and an average target price of $29.66.

AT&T Profile

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.