Bruce G. Allen Investments LLC Decreases Stock Holdings in AT&T Inc. $T

by · The Cerbat Gem

Bruce G. Allen Investments LLC trimmed its position in shares of AT&T Inc. (NYSE:T – Free Report) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,520 shares of the technology company’s stock after selling 1,328 shares during the quarter. AT&T comprises about 0.5% of Bruce G. Allen Investments LLC’s investment portfolio, making the stock its 22nd largest holding. Bruce G. Allen Investments LLC’s holdings in AT&T were worth $652,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of T. Capital A Wealth Management LLC purchased a new stake in shares of AT&T during the fourth quarter valued at about $25,000. Stone House Investment Management LLC acquired a new position in shares of AT&T during the first quarter valued at about $25,000. Putney Financial Group LLC acquired a new position in shares of AT&T during the fourth quarter valued at about $27,000. Hager Investment Management Services LLC increased its holdings 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 valued at $28,000 after acquiring an additional 641 shares in the last quarter. Finally, Core Alternative Capital increased its holdings in shares of AT&T by 125.4% during the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock valued at $29,000 after acquiring an additional 568 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Performance

T opened at $29.37 on Wednesday. AT&T Inc. has a 12-month low of $21.05 and a 12-month high of $29.79. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $210.01 billion, a PE ratio of 16.69, a P/E/G ratio of 3.68 and a beta of 0.44. The firm has a 50 day moving average of $28.35 and a two-hundred day moving average of $27.77.

AT&T (NYSE:T – Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The company had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. During the same period last year, the firm posted $0.51 EPS. AT&T’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts anticipate that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were given a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 3.8%. AT&T’s dividend payout ratio (DPR) is currently 63.07%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. UBS Group set a $32.00 price objective on shares of AT&T in a report on Thursday, September 4th. Hsbc Global Res downgraded shares of AT&T from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 24th. Morgan Stanley upped their price objective on shares of AT&T from $31.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Bank of America assumed coverage on shares of AT&T in a report on Monday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. Finally, HSBC downgraded shares of AT&T from a “buy” rating to a “hold” rating and set a $30.00 price objective on the stock. in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.60.

Check Out Our Latest Stock Report on AT&T

About AT&T

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding T? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AT&T Inc. (NYSE:T – Free Report).