Ballast Advisors LLC Cuts Holdings in AT&T Inc. (NYSE:T)

Ballast Advisors LLC lowered its stake in shares of AT&T Inc. (NYSE:T) by 6.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,545 shares of the technology company’s stock after selling 1,117 shares during the period. Ballast Advisors LLC’s holdings in AT&T were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in T. Lion Street Advisors LLC acquired a new position in AT&T during the first quarter worth about $27,000. Horan Securities Inc. acquired a new position in AT&T during the first quarter worth about $28,000. CBIZ Investment Advisory Services LLC boosted its position in AT&T by 186.0% during the first quarter. CBIZ Investment Advisory Services LLC now owns 958 shares of the technology company’s stock worth $28,000 after acquiring an additional 623 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in AT&T during the first quarter worth about $34,000. Finally, Efficient Wealth Management LLC acquired a new position in AT&T during the first quarter worth about $35,000. 53.74% of the stock is owned by institutional investors and hedge funds.

In related news, Director Stephen J. Luczo purchased 100,000 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was purchased at an average cost of $29.69 per share, with a total value of $2,969,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is currently owned by corporate insiders.

Shares of T traded up $0.01 on Friday, reaching $29.58. 38,694,208 shares of the company’s stock traded hands, compared to its average volume of 32,539,284. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 0.79. The stock has a market cap of $212.40 billion, a PE ratio of 18.15, a PEG ratio of 1.67 and a beta of 0.72. The stock’s 50 day simple moving average is $30.01 and its two-hundred day simple moving average is $32.47. AT&T Inc. has a 52-week low of $26.08 and a 52-week high of $39.70.

AT&T (NYSE:T) last announced its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The business had revenue of $40.95 billion during the quarter, compared to analyst estimates of $40.87 billion. During the same period in the prior year, the company earned $0.89 earnings per share. AT&T’s revenue was down 8.9% compared to the same quarter last year. Analysts forecast that AT&T Inc. will post 3.2 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 7.03%. The ex-dividend date of this dividend is Thursday, July 9th. AT&T’s dividend payout ratio (DPR) is 58.26%.

A number of equities analysts recently weighed in on the stock. Bank of America restated a “buy” rating and set a $36.00 price target on shares of AT&T in a research report on Friday, July 24th. Wells Fargo & Co decreased their target price on shares of AT&T from $36.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, April 3rd. Cfra reduced their price target on shares of AT&T from $42.00 to $37.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. ValuEngine downgraded shares of AT&T from a “sell” rating to a “strong sell” rating in a research note on Friday, May 1st. Finally, UBS Group cut their target price on shares of AT&T from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the company. AT&T presently has a consensus rating of “Hold” and an average price target of $35.29.

AT&T Company Profile

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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