Pinnacle Associates Ltd. Has $15.24 Million Holdings in AT&T Inc. $T

Pinnacle Associates Ltd. lessened its stake in AT&T Inc. (NYSE:T) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 526,701 shares of the technology company’s stock after selling 15,646 shares during the period. Pinnacle Associates Ltd.’s holdings in AT&T were worth $15,243,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Simon Quick Advisors LLC increased its holdings in AT&T by 210.8% in the second quarter. Simon Quick Advisors LLC now owns 202,166 shares of the technology company’s stock valued at $5,851,000 after purchasing an additional 137,121 shares during the last quarter. Strs Ohio grew its stake in AT&T by 4.1% in the second quarter. Strs Ohio now owns 2,246,804 shares of the technology company’s stock valued at $65,023,000 after acquiring an additional 89,093 shares during the period. Adell Harriman & Carpenter Inc. raised its position in shares of AT&T by 12.6% during the second quarter. Adell Harriman & Carpenter Inc. now owns 174,639 shares of the technology company’s stock worth $5,054,000 after purchasing an additional 19,520 shares during the period. Field & Main Bank lifted its holdings in shares of AT&T by 4.0% during the 2nd quarter. Field & Main Bank now owns 27,780 shares of the technology company’s stock valued at $804,000 after purchasing an additional 1,075 shares in the last quarter. Finally, Spinnaker Trust grew its position in shares of AT&T by 2.0% in the 2nd quarter. Spinnaker Trust now owns 100,540 shares of the technology company’s stock valued at $2,910,000 after purchasing an additional 1,992 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Performance

Shares of AT&T stock opened at $24.66 on Friday. The company has a 50 day moving average of $27.65 and a 200-day moving average of $27.72. The company has a market cap of $176.35 billion, a PE ratio of 8.01, a price-to-earnings-growth ratio of 2.16 and a beta of 0.42. AT&T Inc. has a 1-year low of $21.38 and a 1-year high of $29.79. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 22nd. The technology company reported $0.54 earnings per share for the quarter, meeting analysts’ consensus estimates 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 last year, the company posted $0.60 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.5%. AT&T’s dividend payout ratio (DPR) is currently 36.04%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Hsbc Global Res cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 24th. Royal Bank Of Canada reduced their target price on shares of AT&T from $31.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Morgan Stanley increased their price objective on AT&T from $31.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of AT&T in a research report on Wednesday, October 8th. Finally, Scotiabank set a $30.25 target price on shares of AT&T and gave the company a “sector perform” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

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.