Traders Buy AT&T Inc. (T) on Weakness
Traders bought shares of AT&T Inc. (NYSE:T) on weakness during trading on Wednesday. $125.91 million flowed into the stock on the tick-up and $87.43 million flowed out of the stock on the tick-down, for a money net flow of $38.48 million into the stock. Of all equities tracked, AT&T had the 16th highest net in-flow for the day. AT&T traded down ($0.02) for the day and closed at $43.14
A number of brokerages have commented on T. Zacks Investment Research upgraded AT&T from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Tuesday, July 5th. Jefferies Group restated a “buy” rating on shares of AT&T in a research report on Wednesday. Robert W. Baird restated a “neutral” rating and issued a $41.00 price target on shares of AT&T in a research report on Monday, July 25th. S&P Equity Research set a $46.00 price target on AT&T and gave the stock a “buy” rating in a research report on Sunday, July 24th. Finally, Citigroup Inc. cut AT&T from a “buy” rating to a “neutral” rating and upped their price target for the stock from $42.00 to $46.00 in a research report on Thursday, July 7th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $41.12.
The stock’s 50-day moving average price is $42.38 and its 200 day moving average price is $39.16. The company has a market cap of $265.40 billion and a price-to-earnings ratio of 18.59.
AT&T (NYSE:T) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. The company earned $40.50 billion during the quarter, compared to analysts’ expectations of $40.75 billion. Analysts anticipate that AT&T Inc. will post $2.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, July 6th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.45%.
In other news, CEO John T. Stankey sold 2,131 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $43.38, for a total value of $92,442.78. Following the completion of the sale, the chief executive officer now directly owns 13,583 shares in the company, valued at $589,230.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the company. Adirondack Trust Co. boosted its position in AT&T by 0.4% in the fourth quarter. Adirondack Trust Co. now owns 66,259 shares of the company’s stock worth $2,389,000 after buying an additional 291 shares during the period. Sigma Investment Counselors Inc. boosted its position in AT&T by 0.4% in the fourth quarter. Sigma Investment Counselors Inc. now owns 79,153 shares of the company’s stock worth $2,724,000 after buying an additional 293 shares during the period. Schulhoff & Co. Inc. boosted its position in AT&T by 0.3% in the fourth quarter. Schulhoff & Co. Inc. now owns 100,671 shares of the company’s stock worth $3,464,000 after buying an additional 300 shares during the period. AMG National Trust Bank boosted its position in AT&T by 1.3% in the fourth quarter. AMG National Trust Bank now owns 30,059 shares of the company’s stock worth $1,034,000 after buying an additional 382 shares during the period. Finally, Keating Investment Counselors Inc. boosted its position in AT&T by 0.8% in the fourth quarter. Keating Investment Counselors Inc. now owns 50,731 shares of the company’s stock worth $1,746,000 after buying an additional 425 shares during the period.
AT&T Inc is a holding company. The Company offers communications and digital entertainment services in the United States and the world. It operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility and International. The Business Solutions segment includes various categories, including wireless service, fixed strategic services, legacy voice and data services, other services and wireless equipment.
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