Cidel Asset Management Inc. Decreases Stock Position in AT&T Inc. $T

Cidel Asset Management Inc. decreased its position in shares of AT&T Inc. (NYSE:T) by 9.3% in the second quarter, HoldingsChannel reports. The firm owned 103,942 shares of the technology company’s stock after selling 10,660 shares during the quarter. Cidel Asset Management Inc.’s holdings in AT&T were worth $3,008,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Stone House Investment Management LLC bought a new position in shares of AT&T during the 1st quarter valued at approximately $25,000. O Brien Wealth Partners LLC bought a new stake in AT&T in the second quarter worth $26,000. Kennebec Savings Bank raised its stake in AT&T by 412.1% during the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock valued at $28,000 after purchasing an additional 783 shares in the last quarter. Hager Investment Management Services LLC lifted its position in AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock valued at $28,000 after purchasing an additional 641 shares during the last quarter. Finally, IMA Advisory Services Inc. bought a new position in AT&T during the first quarter valued at $29,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Trading Up 0.5%

NYSE T opened at $26.33 on Friday. The stock has a market cap of $188.24 billion, a PE ratio of 14.96, a PEG ratio of 2.13 and a beta of 0.42. AT&T Inc. has a 12 month low of $21.05 and a 12 month high of $29.79. The company’s 50-day moving average price is $28.27 and its 200-day moving average price is $27.81. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $30.85 billion during the quarter, compared to analysts’ expectations of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.51 EPS. Equities research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a $0.2775 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.2%. AT&T’s dividend payout ratio is 63.07%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on T. HSBC downgraded shares of AT&T from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a report on Thursday, July 24th. Wells Fargo & Company decreased their price objective on AT&T from $31.00 to $29.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays restated an “equal weight” rating and set a $30.00 price target on shares of AT&T in a report on Wednesday, October 1st. UBS Group set a $33.00 price target on shares of AT&T in a research note on Thursday, September 18th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $33.00 price objective (up previously from $31.00) on shares of AT&T in a research note on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.65.

AT&T Company Profile

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.