General American Investors Co. Inc. Sells 100,000 Shares of AT&T Inc. (NYSE:T)

General American Investors Co. Inc. lowered its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 11.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 806,602 shares of the technology company's stock after selling 100,000 shares during the period. AT&T makes up approximately 1.7% of General American Investors Co. Inc.'s investment portfolio, making the stock its 19th largest position. General American Investors Co. Inc.'s holdings in AT&T were worth $22,811,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in AT&T by 26.5% during the 4th quarter. Brighton Jones LLC now owns 48,579 shares of the technology company's stock worth $1,106,000 after purchasing an additional 10,188 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of AT&T by 39.7% in the fourth quarter. Proficio Capital Partners LLC now owns 28,782 shares of the technology company's stock valued at $655,000 after acquiring an additional 8,179 shares in the last quarter. Mystic Asset Management Inc. purchased a new stake in shares of AT&T in the fourth quarter valued at about $333,000. Retirement Planning Co of New England Inc. boosted its holdings in shares of AT&T by 8.8% in the fourth quarter. Retirement Planning Co of New England Inc. now owns 12,018 shares of the technology company's stock valued at $274,000 after acquiring an additional 967 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of AT&T by 1.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 462,211 shares of the technology company's stock valued at $10,487,000 after acquiring an additional 8,428 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Price Performance

T traded down $0.07 on Friday, reaching $26.92. The company had a trading volume of 27,403,482 shares, compared to its average volume of 36,373,580. AT&T Inc. has a one year low of $18.14 and a one year high of $29.19. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.98. The company has a fifty day moving average of $27.76 and a 200-day moving average of $26.41. The company has a market capitalization of $193.71 billion, a P/E ratio of 16.52, a PEG ratio of 3.37 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a net margin of 9.64% and a return on equity of 13.63%. The business had revenue of $30.63 billion for the quarter, compared to the consensus estimate of $30.39 billion. During the same quarter last year, the business posted $0.55 EPS. The business's revenue for the quarter was up 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Thursday, July 10th. AT&T's payout ratio is 68.10%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on T shares. Scotiabank boosted their price objective on shares of AT&T from $29.50 to $30.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. UBS Group restated a "buy" rating and issued a $31.00 target price (up from $30.00) on shares of AT&T in a report on Wednesday, June 18th. Oppenheimer boosted their target price on shares of AT&T from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. TD Securities boosted their target price on shares of AT&T from $29.00 to $30.00 and gave the company a "hold" rating in a report on Thursday, April 24th. Finally, Williams Trading set a $30.00 target price on shares of AT&T in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $29.17.

AT&T Company 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.