Denali Advisors LLC Cuts Position in AT&T Inc. (NYSE:T)

Denali Advisors LLC trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 70.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 73,800 shares of the technology company’s stock after selling 172,700 shares during the period. Denali Advisors LLC’s holdings in AT&T were worth $2,104,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Command Bank increased its position in shares of AT&T by 94.7% during the 2nd quarter. First Command Bank now owns 136,968 shares of the technology company’s stock valued at $4,141,000 after purchasing an additional 66,629 shares during the last quarter. AXA grew its stake in shares of AT&T by 27.9% in the 1st quarter. AXA now owns 3,527,087 shares of the technology company’s stock valued at $102,814,000 after buying an additional 770,426 shares during the period. Kwmg LLC increased its holdings in shares of AT&T by 6.9% during the 2nd quarter. Kwmg LLC now owns 83,935 shares of the technology company’s stock worth $2,537,000 after buying an additional 5,439 shares during the last quarter. City Holding Co. raised its position in shares of AT&T by 3.3% during the 2nd quarter. City Holding Co. now owns 154,335 shares of the technology company’s stock valued at $4,664,000 after buying an additional 4,975 shares during the period. Finally, Balyasny Asset Management LLC acquired a new position in AT&T in the second quarter valued at approximately $2,082,000. 52.29% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:T traded down $0.12 during trading hours on Friday, reaching $27.33. The stock had a trading volume of 29,326,146 shares, compared to its average volume of 39,136,250. AT&T Inc. has a 1 year low of $26.08 and a 1 year high of $39.70. The firm’s 50 day moving average is $28.84 and its 200-day moving average is $29.74. The stock has a market capitalization of $194.73 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.64 and a beta of 0.69. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.81 and a current ratio of 0.81.

AT&T (NYSE:T) last issued its earnings results on Thursday, July 23rd. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. AT&T had a net margin of 6.84% and a return on equity of 13.03%. The firm had revenue of $40.95 billion during the quarter, compared to the consensus estimate of $40.87 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was down 8.9% compared to the same quarter last year. Analysts forecast that AT&T Inc. will post 3.21 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 12th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date is Thursday, October 8th. AT&T’s dividend payout ratio (DPR) is 58.26%.

In related news, Director Stephen J. Luczo bought 100,000 shares of the stock in a transaction dated Thursday, July 23rd. The stock was acquired at an average price of $29.69 per share, for a total transaction of $2,969,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.07% of the company’s stock.

Several analysts recently issued reports on the stock. Oppenheimer restated a “buy” rating and issued a $38.00 price objective on shares of AT&T in a report on Thursday, October 1st. KeyCorp lowered shares of AT&T from a “sector weight” rating to an “underweight” rating and set a $25.00 price objective on the stock. in a report on Monday, October 5th. Scotiabank cut shares of AT&T from a “sector perform” rating to a “sector underperform” rating and lowered their price objective for the stock from $34.00 to $30.00 in a research report on Monday, August 31st. Morgan Stanley cut their target price on AT&T from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, Royal Bank of Canada raised their price target on AT&T from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Six analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $33.56.

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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