Summit Global Investments Sells 44,129 Shares of AT&T Inc. $T

Summit Global Investments lowered its position in AT&T Inc. (NYSE:T) by 84.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 8,322 shares of the technology company’s stock after selling 44,129 shares during the period. Summit Global Investments’ holdings in AT&T were worth $241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. J. L. Bainbridge & Co. Inc. grew its position in shares of AT&T by 1.7% in the 2nd quarter. J. L. Bainbridge & Co. Inc. now owns 21,253 shares of the technology company’s stock valued at $615,000 after purchasing an additional 355 shares during the period. Roberts Glore & Co. Inc. IL raised its holdings in AT&T by 2.0% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 18,386 shares of the technology company’s stock worth $532,000 after buying an additional 357 shares during the period. Investment Partners LTD. lifted its stake in AT&T by 3.5% in the second quarter. Investment Partners LTD. now owns 10,464 shares of the technology company’s stock valued at $303,000 after buying an additional 357 shares in the last quarter. Parcion Private Wealth LLC boosted its holdings in shares of AT&T by 2.5% in the second quarter. Parcion Private Wealth LLC now owns 14,910 shares of the technology company’s stock valued at $431,000 after buying an additional 364 shares during the period. Finally, Texas Bank & Trust Co boosted its holdings in shares of AT&T by 0.6% in the second quarter. Texas Bank & Trust Co now owns 64,274 shares of the technology company’s stock valued at $1,860,000 after buying an additional 364 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Down 0.0%

T stock opened at $25.86 on Thursday. AT&T Inc. has a twelve month low of $21.38 and a twelve month high of $29.79. The company has a market cap of $183.30 billion, a price-to-earnings ratio of 8.39, a P/E/G ratio of 2.16 and a beta of 0.40. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 1.01. The business has a 50 day moving average price of $26.15 and a two-hundred day moving average price of $27.44.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, meeting the consensus estimate of $0.54. The company had revenue of $30.71 billion during the quarter, compared to the consensus estimate of $30.85 billion. AT&T had a return on equity of 12.72% and a net margin of 17.87%.The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. Analysts anticipate that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Friday, October 10th were given a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, October 10th. AT&T’s dividend payout ratio (DPR) is 36.04%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Cowen reaffirmed a “hold” rating on shares of AT&T in a research report on Thursday, October 23rd. Citigroup reaffirmed a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. Barclays dropped their target price on AT&T from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 23rd. UBS Group reaffirmed a “buy” rating on shares of AT&T in a research report on Thursday, October 23rd. Finally, The Goldman Sachs Group started coverage on shares of AT&T in a research note on Tuesday, September 2nd. They set a “buy” rating and a $32.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.64.

About AT&T

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.