Carnegie Capital Asset Management LLC Acquires 117,871 Shares of AT&T Inc. (NYSE:T)

Carnegie Capital Asset Management LLC increased its holdings in AT&T Inc. (NYSE:TGet Rating) by 137.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 203,615 shares of the technology company’s stock after purchasing an additional 117,871 shares during the period. Carnegie Capital Asset Management LLC’s holdings in AT&T were worth $5,860,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. SWS Partners bought a new position in AT&T during the first quarter valued at $25,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in AT&T during the first quarter valued at $27,000. Cordant Inc. bought a new position in AT&T during the first quarter valued at $31,000. Capital Management Associates NY bought a new position in AT&T during the first quarter valued at $34,000. Finally, SBK Financial Inc. bought a new position in AT&T during the fourth quarter valued at $35,000. Institutional investors own 52.88% of the company’s stock.

AT&T Stock Performance

T opened at $16.25 on Thursday. AT&T Inc. has a 52-week low of $16.25 and a 52-week high of $21.53. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.96. The company has a market cap of $115.80 billion, a P/E ratio of 5.97, a price-to-earnings-growth ratio of 1.94 and a beta of 0.48. The firm’s 50-day moving average price is $18.08 and its 200-day moving average price is $20.08.

AT&T (NYSE:TGet Rating) last issued its quarterly earnings results on Thursday, July 21st. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.04. AT&T had a net margin of 13.41% and a return on equity of 13.11%. The company had revenue of $29.64 billion for the quarter, compared to the consensus estimate of $29.48 billion. During the same quarter in the prior year, the company earned $0.89 EPS. AT&T’s quarterly revenue was down 17.1% on a year-over-year basis. As a group, equities analysts anticipate that AT&T Inc. will post 2.54 EPS for the current fiscal year.

AT&T Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Monday, July 11th were issued a $0.2775 dividend. The ex-dividend date was Friday, July 8th. This represents a $1.11 annualized dividend and a yield of 6.83%. AT&T’s dividend payout ratio (DPR) is presently 40.81%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Tigress Financial lowered their price objective on shares of AT&T from $31.00 to $28.00 in a research note on Thursday, June 16th. Truist Financial lowered their price objective on shares of AT&T to $21.00 in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of AT&T from $24.00 to $22.00 in a research note on Friday, July 22nd. Raymond James reaffirmed an “outperform” rating and issued a $26.00 price objective on shares of AT&T in a research note on Thursday, July 7th. Finally, Moffett Nathanson reduced their target price on shares of AT&T from $19.00 to $17.00 and set a “market perform” rating for the company in a report on Thursday, August 18th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.41.

AT&T Company Profile

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AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.

See Also

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

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