AT&T (NYSE:T) Hits New 12-Month Low – Here’s Why

AT&T Inc. (NYSE:T)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $23.13 and last traded at $23.1950, with a volume of 6633788 shares traded. The stock had previously closed at $23.45.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. TD Cowen reissued a “hold” rating on shares of AT&T in a research note on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AT&T in a report on Monday, December 29th. Sanford C. Bernstein lowered their target price on shares of AT&T from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, January 16th. Arete Research set a $20.00 target price on AT&T in a research note on Tuesday, January 6th. Finally, Royal Bank Of Canada cut their price target on shares of AT&T from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, AT&T has a consensus rating of “Moderate Buy” and a consensus target price of $29.67.

AT&T Price Performance

The stock’s 50-day moving average is $24.58 and its 200 day moving average is $26.40. The stock has a market capitalization of $163.87 billion, a PE ratio of 7.50, a P/E/G ratio of 1.29 and a beta of 0.39. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.96 and a current ratio of 1.01.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Monday, January 12th. This represents a $1.11 dividend on an annualized basis and a yield of 4.8%. AT&T’s dividend payout ratio (DPR) is 36.04%.

Hedge Funds Weigh In On AT&T

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of AT&T in the 2nd quarter worth about $2,228,655,000. Amundi boosted its position in AT&T by 67.5% in the 3rd quarter. Amundi now owns 42,295,492 shares of the technology company’s stock valued at $1,094,184,000 after buying an additional 17,040,328 shares during the last quarter. Vanguard Group Inc. grew its stake in AT&T by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 661,355,210 shares of the technology company’s stock valued at $19,139,620,000 after purchasing an additional 10,310,560 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of AT&T in the second quarter worth $235,422,000. Finally, State Street Corp lifted its position in shares of AT&T by 2.4% during the second quarter. State Street Corp now owns 321,070,509 shares of the technology company’s stock worth $9,291,781,000 after purchasing an additional 7,404,376 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

About AT&T

AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.

AT&T’s product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.