Ballast Inc. Sells 779 Shares of AT&T Inc. (NYSE:T)

by · The Markets Daily

Ballast Inc. decreased its position in shares of AT&T Inc. (NYSE:T – Free Report) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,138 shares of the technology company’s stock after selling 779 shares during the quarter. Ballast Inc.’s holdings in AT&T were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Davidson Kempner Capital Management LP bought a new stake in AT&T in the 2nd quarter valued at about $23,888,000. Talbot Financial LLC bought a new position in AT&T in the 3rd quarter worth approximately $7,438,000. Mackenzie Financial Corp raised its stake in shares of AT&T by 12.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock valued at $50,486,000 after purchasing an additional 288,093 shares during the period. DRW Securities LLC lifted its holdings in shares of AT&T by 642.2% in the second quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock worth $1,997,000 after buying an additional 90,255 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in AT&T by 4.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock valued at $19,827,000 after purchasing an additional 43,062 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Price Performance

Shares of NYSE:T opened at $21.74 on Friday. AT&T Inc. has a twelve month low of $14.31 and a twelve month high of $22.34. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. The company has a market cap of $155.84 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 3.63 and a beta of 0.60. The company’s 50 day moving average is $20.90 and its 200 day moving average is $18.93.

AT&T (NYSE:T – Get Free Report) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. During the same period in the previous year, the firm earned $0.63 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. On average, sell-side analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s payout ratio is currently 59.68%.

Wall Street Analysts Forecast Growth

T has been the topic of a number of recent research reports. The Goldman Sachs Group initiated coverage on shares of AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 price target on the stock. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research note on Monday, September 16th. Scotiabank downgraded shares of AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Moffett Nathanson increased their price objective on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Royal Bank of Canada upped their price objective on AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.69.

Check Out Our Latest Research Report on AT&T

AT&T Profile

(Free Report)

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.

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