Great Lakes Advisors LLC Sells 137,561 Shares of AT&T Inc. (NYSE:T)

Great Lakes Advisors LLC trimmed its position in AT&T Inc. (NYSE:T) by 33.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 278,546 shares of the technology company’s stock after selling 137,561 shares during the period. Great Lakes Advisors LLC’s holdings in AT&T were worth $4,443,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Corrado Advisors LLC grew its stake in shares of AT&T by 5.3% in the second quarter. Corrado Advisors LLC now owns 135,518 shares of the technology company’s stock worth $2,162,000 after purchasing an additional 6,772 shares during the last quarter. Windle Wealth LLC grew its position in shares of AT&T by 3.6% in the 2nd quarter. Windle Wealth LLC now owns 298,298 shares of the technology company’s stock valued at $4,758,000 after buying an additional 10,388 shares during the last quarter. Pacific Center for Financial Services increased its stake in shares of AT&T by 5.7% in the second quarter. Pacific Center for Financial Services now owns 56,010 shares of the technology company’s stock valued at $893,000 after buying an additional 3,035 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of AT&T by 10.5% in the second quarter. Russell Investments Group Ltd. now owns 5,548,362 shares of the technology company’s stock worth $88,500,000 after acquiring an additional 529,265 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new stake in AT&T in the second quarter valued at approximately $16,380,000. Institutional investors and hedge funds own 53.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of AT&T from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, October 12th. Citigroup upped their price target on shares of AT&T from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. StockNews.com initiated coverage on AT&T in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Royal Bank of Canada upped their target price on AT&T from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Finally, Scotiabank upgraded AT&T from a “sector perform” rating to a “sector outperform” rating and set a $18.50 target price for the company in a report on Friday, October 20th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.90.

AT&T Stock Performance

NYSE T opened at $16.11 on Tuesday. The company has a market cap of $115.15 billion, a P/E ratio of -10.46, a PEG ratio of 1.94 and a beta of 0.60. The company has a fifty day simple moving average of $15.16 and a 200 day simple moving average of $15.22. The company has a current ratio of 0.69, a quick ratio of 0.64 and a debt-to-equity ratio of 1.08. AT&T Inc. has a 12-month low of $13.43 and a 12-month high of $20.50.

AT&T (NYSE:T) last released its quarterly earnings data on Thursday, October 19th. The technology company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $30.35 billion for the quarter, compared to analyst estimates of $30.25 billion. AT&T had a negative net margin of 9.29% and a positive return on equity of 16.26%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. Sell-side analysts predict that AT&T Inc. will post 2.44 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th were issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 6.89%. The ex-dividend date of this dividend was Friday, October 6th. AT&T’s dividend payout ratio is currently -72.08%.

About AT&T

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, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.