Golden State Equity Partners Reduces Holdings in AT&T Inc. (NYSE:T)

Golden State Equity Partners trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 22.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,955 shares of the technology company’s stock after selling 16,389 shares during the period. Golden State Equity Partners’ holdings in AT&T were worth $1,639,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Capital A Wealth Management LLC purchased a new stake in shares of AT&T during the fourth quarter worth about $25,000. Minot DeBlois Advisors LLC purchased a new stake in AT&T in the 4th quarter worth approximately $25,000. Putney Financial Group LLC purchased a new stake in AT&T in the 4th quarter worth approximately $27,000. Ball & Co Wealth Management Inc. purchased a new stake in AT&T in the 4th quarter worth approximately $30,000. Finally, REAP Financial Group LLC grew its stake in AT&T by 115.2% in the 4th quarter. REAP Financial Group LLC now owns 1,358 shares of the technology company’s stock worth $31,000 after acquiring an additional 727 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Price Performance

Shares of NYSE T opened at $28.29 on Wednesday. AT&T Inc. has a 1-year low of $18.14 and a 1-year high of $29.03. The business has a 50-day moving average of $27.57 and a 200-day moving average of $25.86. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.70 and a quick ratio of 0.65. The company has a market capitalization of $203.53 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 4.00 and a beta of 0.41.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The company had revenue of $30.63 billion during the quarter, compared to analysts’ expectations of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.55 EPS. On average, equities analysts anticipate that AT&T Inc. will post 2.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on T. Barclays lifted their price objective on AT&T from $27.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, April 25th. JPMorgan Chase & Co. lifted their price target on AT&T from $28.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Royal Bank Of Canada lifted their price target on AT&T from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Cowen restated a “hold” rating on shares of AT&T in a report on Thursday, April 24th. Finally, Citigroup restated a “buy” rating on shares of AT&T in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.76.

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.