Pekin Hardy Strauss Inc. Cuts Stock Position in AT&T Inc. $T

Pekin Hardy Strauss Inc. lessened its holdings in AT&T Inc. (NYSE:T) by 14.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,043 shares of the technology company’s stock after selling 3,464 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in AT&T were worth $580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in AT&T by 1.3% during the first quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company’s stock valued at $18,411,543,000 after buying an additional 8,185,006 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in AT&T in the second quarter valued at about $5,266,758,000. GQG Partners LLC grew its position in shares of AT&T by 17.7% during the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company’s stock valued at $3,222,711,000 after acquiring an additional 17,177,874 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of AT&T by 3.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company’s stock valued at $1,561,514,000 after acquiring an additional 1,783,363 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of AT&T by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company’s stock worth $1,508,411,000 after purchasing an additional 1,307,009 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Performance

Shares of T opened at $24.81 on Friday. The business has a 50-day simple moving average of $27.14 and a two-hundred day simple moving average of $27.62. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 1.01. AT&T Inc. has a 52 week low of $21.38 and a 52 week high of $29.79. The stock has a market cap of $175.85 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 2.16 and a beta of 0.40.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.54. The company had revenue of $30.71 billion during the quarter, compared to the consensus estimate of $30.85 billion. AT&T had a return on equity of 12.72% and a net margin of 17.87%.The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. On average, analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Friday, October 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.5%. AT&T’s dividend payout ratio is 36.04%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. TD Cowen upped their price objective on AT&T from $32.00 to $33.00 and gave the company a “hold” rating in a research note on Thursday, October 23rd. Barclays lowered their target price on AT&T from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 23rd. The Goldman Sachs Group started coverage on AT&T in a research note on Tuesday, September 2nd. They set a “buy” rating and a $32.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Finally, Scotiabank set a $30.25 price objective 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 given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, AT&T has an average rating of “Moderate Buy” and a consensus target price of $30.67.

AT&T 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.