Carnegie Investment Counsel Acquires 9,379 Shares of AT&T Inc. (NYSE:T)

Key Points

• Carnegie Investment Counsel increased its holdings in AT&T Inc. by 78.0%, acquiring an additional 9,379 shares in the first quarter, bringing their total to 21,404 shares valued at $576,000.
• AT&T reported $0.54 earnings per share for the latest quarter, exceeding analysts' expectations and marking a 3.4% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.2775 per share, with a dividend yield of 3.96%, set to be paid on August 1st to stockholders of record.

Carnegie Investment Counsel increased its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 78.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,404 shares of the technology company's stock after buying an additional 9,379 shares during the quarter. Carnegie Investment Counsel's holdings in AT&T were worth $576,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Minot DeBlois Advisors LLC bought a new stake in AT&T during the 4th quarter worth $25,000. Capital A Wealth Management LLC bought a new position in AT&T during the 4th quarter worth $25,000. Putney Financial Group LLC bought a new position in AT&T during the 4th quarter worth $27,000. Hager Investment Management Services LLC raised its position in AT&T by 182.1% during the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after purchasing an additional 641 shares during the last quarter. Finally, Core Alternative Capital raised its position in 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 during the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Up 0.3%

AT&T stock opened at $28.02 on Friday. AT&T Inc. has a twelve month low of $18.64 and a twelve month high of $29.19. The firm has a 50 day moving average price of $27.81 and a 200-day moving average price of $26.65. The company has a market capitalization of $201.58 billion, a P/E ratio of 15.92, a P/E/G ratio of 3.49 and a beta of 0.42. The company has a quick ratio of 0.65, a current ratio of 0.81 and a debt-to-equity ratio of 1.01.

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

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 3.96%. AT&T's payout ratio is 63.07%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Hsbc Global Res lowered AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $31.00 price objective (up from $30.00) on shares of AT&T in a research note on Thursday. Finally, Barclays upped their target price on shares of AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $29.66.

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.

Want to see what other hedge funds are holding T? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AT&T Inc. (NYSE:T - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.