Kornitzer Capital Management Inc. KS Reduces Position in AT&T Inc. $T

Key Points

• Kornitzer Capital Management Inc. reduced its position in AT&T by 2.3%, owning 936,573 shares valued at approximately $27.1 million after selling 21,639 shares.
• AT&T's recent stock performance saw shares rise to $25.17, while the company has a market cap of $179.95 billion and a debt-to-equity ratio of 1.01.
• AT&T declared a quarterly dividend of $0.2775, translating to an annualized yield of 4.4%, with a payout ratio currently at 63.07%.

Kornitzer Capital Management Inc. KS decreased its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 2.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 936,573 shares of the technology company's stock after selling 21,639 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in AT&T were worth $27,104,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Stone House Investment Management LLC acquired a new stake in shares of AT&T during the first quarter worth $25,000. O Brien Wealth Partners LLC acquired a new position in shares of AT&T during the second quarter worth about $26,000. Kennebec Savings Bank lifted its stake in shares of AT&T by 412.1% during the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company's stock worth $28,000 after purchasing an additional 783 shares in the last quarter. Hager Investment Management Services LLC lifted its stake in shares of AT&T by 182.1% during the first 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 in the last quarter. Finally, IMA Advisory Services Inc. purchased a new stake in shares of AT&T during the first quarter worth about $29,000. Institutional investors and hedge funds own 57.10% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on T shares. Scotiabank set a $30.25 price objective on AT&T and gave the company a "sector perform" rating in a report on Monday, October 6th. Bank of America assumed coverage on AT&T in a research note on Monday, July 7th. They issued a "buy" rating and a $32.00 target price for the company. Royal Bank Of Canada reduced their price objective on AT&T from $31.00 to $30.00 and set an "outperform" rating for the company in a research report on Thursday. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 price objective for the company. in a research report on Thursday, July 24th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $33.00 price objective (up from $31.00) on shares of AT&T in a research report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, AT&T has an average rating of "Moderate Buy" and a consensus price target of $30.67.

AT&T Price Performance

Shares of NYSE T traded up $0.55 during trading on Friday, hitting $25.17. The company had a trading volume of 80,534,770 shares, compared to its average volume of 50,545,052. The business's 50-day moving average is $27.97 and its 200 day moving average is $27.75. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 1.01. AT&T Inc. has a 52 week low of $21.38 and a 52 week high of $29.79. The company has a market cap of $179.95 billion, a P/E ratio of 8.17, a PEG ratio of 1.99 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The technology company reported $0.54 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.54. AT&T had a net margin of 17.87% and a return on equity of 12.72%. The company had revenue of $30.71 billion for the quarter, compared to the consensus estimate of $30.85 billion. During the same period in the previous year, the business earned $0.60 EPS. The company's revenue was up 1.7% on a year-over-year basis. Equities research analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.2775 dividend. The ex-dividend date is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.4%. AT&T's dividend payout ratio is currently 63.07%.

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.

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