Arrowstreet Capital Limited Partnership Cuts Stake in AT&T Inc. (NYSE:T)

Arrowstreet Capital Limited Partnership lessened its stake in AT&T Inc. (NYSE:T - Free Report) by 29.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,481,621 shares of the technology company's stock after selling 24,356,903 shares during the quarter. AT&T accounts for approximately 1.1% of Arrowstreet Capital Limited Partnership's holdings, making the stock its 8th biggest position. Arrowstreet Capital Limited Partnership owned approximately 0.82% of AT&T worth $1,331,627,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of T. Legacy Investment Solutions LLC bought a new position in shares of AT&T during the third quarter valued at $25,000. Marshall Investment Management LLC bought a new position in AT&T during the 4th quarter valued at about $28,000. YANKCOM Partnership bought a new position in AT&T during the 4th quarter valued at about $30,000. Tradewinds Capital Management LLC boosted its holdings in shares of AT&T by 48.6% during the 4th quarter. Tradewinds Capital Management LLC now owns 1,314 shares of the technology company's stock valued at $30,000 after acquiring an additional 430 shares during the last quarter. Finally, Endeavor Private Wealth Inc. bought a new stake in shares of AT&T in the fourth quarter worth approximately $34,000. Institutional investors own 57.10% of the company's stock.

AT&T Price Performance

T traded up $0.15 on Monday, hitting $28.33. 50,147,997 shares of the company's stock traded hands, compared to its average volume of 36,244,790. The firm has a market cap of $203.32 billion, a price-to-earnings ratio of 19.01, a P/E/G ratio of 3.00 and a beta of 0.56. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. AT&T Inc. has a one year low of $15.94 and a one year high of $28.55. The company's 50 day simple moving average is $25.70 and its 200-day simple moving average is $23.54.

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AT&T (NYSE:T - Get Free Report) last posted its earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.06. AT&T had a net margin of 8.95% and a return on equity of 13.97%. As a group, research analysts anticipate that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be issued a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.11 annualized dividend and a yield of 3.92%. AT&T's payout ratio is presently 74.50%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on T. Citigroup raised their target price on shares of AT&T from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Monday. Scotiabank raised their price target on AT&T from $26.00 to $28.50 and gave the stock a "sector outperform" rating in a research note on Monday, March 3rd. Tigress Financial upped their price objective on AT&T from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, February 4th. BNP Paribas raised AT&T from a "neutral" rating to an "outperform" rating and set a $28.50 target price on the stock in a research report on Thursday, February 13th. Finally, Morgan Stanley upgraded AT&T from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $19.00 to $28.00 in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $27.00.

About AT&T

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.