Gateway Investment Advisers LLC Purchases 117,090 Shares of AT&T Inc. (NYSE:T)

Gateway Investment Advisers LLC lifted its position in shares of AT&T Inc. (NYSE:TGet Rating) by 31.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 494,420 shares of the technology company’s stock after purchasing an additional 117,090 shares during the period. Gateway Investment Advisers LLC’s holdings in AT&T were worth $10,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Carnegie Capital Asset Management LLC grew its holdings in shares of AT&T by 137.5% during the second quarter. Carnegie Capital Asset Management LLC now owns 203,615 shares of the technology company’s stock worth $5,860,000 after purchasing an additional 117,871 shares during the last quarter. Unison Advisors LLC grew its holdings in shares of AT&T by 2.1% during the second quarter. Unison Advisors LLC now owns 54,572 shares of the technology company’s stock worth $1,144,000 after purchasing an additional 1,130 shares during the last quarter. PFG Advisors grew its holdings in shares of AT&T by 2.7% during the second quarter. PFG Advisors now owns 61,099 shares of the technology company’s stock worth $1,281,000 after purchasing an additional 1,592 shares during the last quarter. Mechanics Bank Trust Department grew its holdings in shares of AT&T by 0.8% during the second quarter. Mechanics Bank Trust Department now owns 69,370 shares of the technology company’s stock worth $1,454,000 after purchasing an additional 569 shares during the last quarter. Finally, Traverso Chambers Private Wealth Management LLC lifted its stake in shares of AT&T by 28.9% in the second quarter. Traverso Chambers Private Wealth Management LLC now owns 32,762 shares of the technology company’s stock worth $687,000 after acquiring an additional 7,337 shares during the period. 52.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on T shares. Cowen cut their price objective on AT&T from $27.00 to $24.00 and set a “market perform” rating on the stock in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on AT&T from $24.00 to $22.00 in a research note on Friday, July 22nd. Barclays lowered AT&T from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $22.00 to $20.00 in a research note on Friday, July 22nd. Moffett Nathanson cut their price objective on AT&T from $19.00 to $17.00 and set a “market perform” rating on the stock in a research note on Thursday, August 18th. Finally, StockNews.com lowered AT&T from a “buy” rating to a “hold” rating in a research note on Thursday. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.41.

AT&T Trading Down 1.9 %

Shares of AT&T stock opened at $16.25 on Thursday. The stock has a fifty day simple moving average of $18.08 and a 200 day simple moving average of $20.08. AT&T Inc. has a 12-month low of $16.25 and a 12-month high of $21.53. The company has a market capitalization 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 company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.96.

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

AT&T Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Monday, July 11th were issued a dividend of $0.2775 per share. 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 currently 40.81%.

AT&T 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.

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

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