Cubic Asset Management LLC Sells 2,828 Shares of AT&T Inc. (T)
Cubic Asset Management LLC lowered its holdings in AT&T Inc. (NYSE:T) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 128,499 shares of the technology company’s stock after selling 2,828 shares during the period. Cubic Asset Management LLC’s holdings in AT&T were worth $4,126,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of T. Earnest Partners LLC acquired a new stake in shares of AT&T in the fourth quarter valued at approximately $113,000. CKW Financial Group increased its stake in shares of AT&T by 105.0% in the second quarter. CKW Financial Group now owns 4,215 shares of the technology company’s stock valued at $135,000 after purchasing an additional 2,159 shares during the period. Braun Bostich & Associates Inc. acquired a new position in shares of AT&T during the first quarter valued at approximately $137,000. Elmwood Wealth Management Inc. acquired a new position in shares of AT&T during the first quarter valued at approximately $178,000. Finally, Cerebellum GP LLC acquired a new position in shares of AT&T during the second quarter valued at approximately $178,000. 64.57% of the stock is currently owned by hedge funds and other institutional investors.
In other AT&T news, Director Piazza Samuel A. Jr. Di bought 7,690 shares of AT&T stock in a transaction that occurred on Wednesday, August 8th. The stock was purchased at an average cost of $32.48 per share, for a total transaction of $249,771.20. Following the completion of the acquisition, the director now owns 31,405 shares of the company’s stock, valued at approximately $1,020,034.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew K. Rose bought 65,500 shares of AT&T stock in a transaction that occurred on Thursday, July 26th. The shares were acquired at an average price of $30.51 per share, with a total value of $1,998,405.00. Following the completion of the acquisition, the director now directly owns 81,319 shares of the company’s stock, valued at approximately $2,481,042.69. The disclosure for this purchase can be found here. Company insiders own 0.09% of the company’s stock.
AT&T (NYSE:T) last issued its earnings results on Tuesday, July 24th. The technology company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.06. The firm had revenue of $38.99 billion during the quarter, compared to analysts’ expectations of $38.45 billion. AT&T had a net margin of 20.12% and a return on equity of 13.64%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.79 earnings per share. sell-side analysts anticipate that AT&T Inc. will post 3.52 EPS for the current year.
A number of research analysts recently commented on the stock. Zacks Investment Research lowered shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded shares of AT&T from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 12th. UBS Group upgraded shares of AT&T from a “neutral” rating to a “buy” rating and raised their price objective for the company from $33.00 to $38.00 in a research note on Friday, September 21st. They noted that the move was a valuation call. Deutsche Bank raised their price objective on shares of AT&T from $35.00 to $37.00 and gave the company a “hold” rating in a research note on Monday. Finally, Raymond James lowered shares of AT&T from an “outperform” rating to a “market perform” rating and set a $31.75 price objective on the stock. in a research note on Friday, July 13th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. AT&T currently has a consensus rating of “Hold” and a consensus price target of $38.09.
AT&T Inc provides communications and digital entertainment services. The company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. The Business Solutions segment offers wireless services, strategic services, legacy voice, data services, wireless equipment, and other services to multinational companies, governmental and wholesale customers, and individual subscribers.
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