AT&T (NYSE:T) Stock Price Down 0.3% – Here’s What Happened

by · The Markets Daily

Shares of AT&T Inc. (NYSE:T – Get Free Report) dropped 0.3% during trading on Monday . The stock traded as low as $21.74 and last traded at $21.78. Approximately 6,843,832 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 35,391,992 shares. The stock had previously closed at $21.85.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on T shares. The Goldman Sachs Group initiated coverage on AT&T in a report on Monday, July 1st. They set a “buy” rating and a $22.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Citigroup lifted their price target on shares of AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Wells Fargo & Company raised their price target on AT&T from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, Barclays increased their target price on AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.69.

Read Our Latest Analysis on T

AT&T Trading Down 0.6 %

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 firm has a market capitalization of $155.66 billion, a P/E ratio of 11.71, a P/E/G ratio of 3.63 and a beta of 0.60. The company’s fifty day moving average is $20.95 and its 200-day moving average is $18.98.

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

AT&T Dividend Announcement

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

Institutional Investors Weigh In On AT&T

Institutional investors and hedge funds have recently made changes to their positions in the company. Salem Investment Counselors Inc. lifted its stake in shares of AT&T by 16.9% during the first quarter. Salem Investment Counselors Inc. now owns 32,833 shares of the technology company’s stock valued at $578,000 after acquiring an additional 4,750 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of AT&T during the first quarter worth approximately $160,000. AdvisorNet Financial Inc lifted its holdings in AT&T by 12.3% in the first quarter. AdvisorNet Financial Inc now owns 20,002 shares of the technology company’s stock valued at $352,000 after buying an additional 2,186 shares during the period. Global Assets Advisory LLC acquired a new stake in AT&T during the 1st quarter worth $2,436,000. Finally, Austin Private Wealth LLC grew its stake in shares of AT&T by 12.9% during the first quarter. Austin Private Wealth LLC now owns 18,345 shares of the technology company’s stock worth $323,000 after purchasing an additional 2,101 shares during the period. Institutional investors and hedge funds own 57.10% of the company’s stock.

About AT&T

(Get 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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