Principal Street Partners LLC Sells 94,748 Shares of AT&T Inc. (NYSE:T)

Principal Street Partners LLC reduced its holdings in shares of AT&T Inc. (NYSE:T) by 23.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 312,977 shares of the technology company’s stock after selling 94,748 shares during the period. AT&T comprises about 1.1% of Principal Street Partners LLC’s investment portfolio, making the stock its 16th biggest position. Principal Street Partners LLC’s holdings in AT&T were worth $6,865,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in T. 1832 Asset Management L.P. grew its holdings in shares of AT&T by 70.1% in the 1st quarter. 1832 Asset Management L.P. now owns 2,375 shares of the technology company’s stock worth $42,000 after purchasing an additional 979 shares during the last quarter. Caxton Associates LP increased its holdings in shares of AT&T by 207.6% during the first quarter. Caxton Associates LP now owns 51,025 shares of the technology company’s stock worth $898,000 after buying an additional 34,437 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of AT&T by 12.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 409,674 shares of the technology company’s stock valued at $7,210,000 after acquiring an additional 44,189 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of AT&T by 1.6% in the 1st quarter. Tidal Investments LLC now owns 537,694 shares of the technology company’s stock worth $9,461,000 after acquiring an additional 8,271 shares in the last quarter. Finally, Coppell Advisory Solutions Corp. bought a new stake in AT&T during the 1st quarter worth approximately $295,000. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Performance

Shares of T stock opened at $22.90 on Tuesday. The stock has a 50-day moving average of $22.04 and a 200-day moving average of $20.00. AT&T Inc. has a one year low of $15.94 and a one year high of $23.32. The stock has a market cap of $164.31 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 3.48 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67.

AT&T (NYSE:T) last issued its earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The business’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. As a group, sell-side analysts expect that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a dividend of $0.2775 per share. The ex-dividend date was Thursday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.85%. AT&T’s dividend payout ratio is presently 90.24%.

Wall Street Analyst Weigh In

A number of research firms have commented on T. Moffett Nathanson boosted their price objective on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Barclays boosted their target price on shares of AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Tigress Financial raised their price target on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 27th. Hsbc Global Res raised AT&T to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, Scotiabank downgraded AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AT&T presently has a consensus rating of “Moderate Buy” and an average price target of $23.40.

AT&T Company Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.