Renaissance Technologies LLC lowered its position in AT&T Inc. (NYSE:T) by 95.4% in the 2nd quarter, Holdings Channel reports. The fund owned 234,086 shares of the technology company’s stock after selling 4,818,900 shares during the quarter. Renaissance Technologies LLC’s holdings in AT&T were worth $7,844,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Horan Securities Inc. boosted its stake in AT&T by 439.2% during the 2nd quarter. Horan Securities Inc. now owns 1,019 shares of the technology company’s stock valued at $34,000 after purchasing an additional 830 shares during the last quarter. Next Capital Management LLC purchased a new stake in AT&T during the 2nd quarter valued at $39,000. Contravisory Investment Management Inc. boosted its stake in AT&T by 36.0% during the 2nd quarter. Contravisory Investment Management Inc. now owns 1,277 shares of the technology company’s stock valued at $43,000 after purchasing an additional 338 shares during the last quarter. Smart Portfolios LLC boosted its stake in AT&T by 44.8% during the 4th quarter. Smart Portfolios LLC now owns 1,615 shares of the technology company’s stock valued at $46,000 after purchasing an additional 500 shares during the last quarter. Finally, Centaurus Financial Inc. boosted its stake in AT&T by 24.4% during the 1st quarter. Centaurus Financial Inc. now owns 1,700 shares of the technology company’s stock valued at $54,000 after purchasing an additional 333 shares during the last quarter. 53.02% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on T shares. ValuEngine downgraded AT&T from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Bank of America reiterated a “buy” rating on shares of AT&T in a research note on Monday, September 9th. Oppenheimer set a $41.00 target price on AT&T and gave the company a “buy” rating in a research note on Tuesday, September 10th. Citigroup increased their target price on AT&T from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Barclays increased their target price on AT&T from $31.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $38.10.
AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.89. The firm had revenue of $44.96 billion for the quarter, compared to the consensus estimate of $44.97 billion. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. On average, equities research analysts anticipate that AT&T Inc. will post 3.57 earnings per share for the current fiscal year.
In related news, CEO John T. Stankey sold 4,024 shares of AT&T stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the transaction, the chief executive officer now directly owns 2,366 shares in the company, valued at $80,798.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.07% of the company’s stock.
AT&T Company Profile
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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