Pinnacle West Asset Management Inc. Lowers Position in AT&T Inc. (NYSE:T)

Pinnacle West Asset Management Inc. cut its stake in AT&T Inc. (NYSE:T) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,202 shares of the technology company’s stock after selling 500 shares during the period. Pinnacle West Asset Management Inc.’s holdings in AT&T were worth $708,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Strategic Financial Concepts LLC boosted its position in shares of AT&T by 227.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after purchasing an additional 91,578 shares in the last quarter. Riggs Asset Managment Co. Inc. boosted its position in shares of AT&T by 356.5% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after purchasing an additional 1,116 shares in the last quarter. American Capital Advisory LLC boosted its position in shares of AT&T by 107.5% in the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after purchasing an additional 807 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in shares of AT&T in the 2nd quarter worth approximately $30,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in AT&T by 176.6% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock valued at $35,000 after acquiring an additional 1,192 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

T has been the topic of several analyst reports. Citigroup upped their price objective on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Daiwa America raised AT&T to a “hold” rating in a research report on Friday, July 26th. Barclays upped their price objective on AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday. Redburn Atlantic raised AT&T to a “strong sell” rating in a research report on Monday, September 16th. Finally, Hsbc Global Res raised AT&T to a “strong-buy” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” and an average price target of $23.40.

AT&T Stock Performance

Shares of NYSE:T traded down $0.36 during midday trading on Thursday, hitting $22.13. The company had a trading volume of 13,198,631 shares, compared to its average volume of 35,636,813. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The company has a market cap of $158.68 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 3.67 and a beta of 0.60. AT&T Inc. has a 12-month low of $14.74 and a 12-month high of $22.58. The company has a fifty day moving average of $21.09 and a two-hundred day moving average of $19.06.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 EPS. On average, equities research analysts expect that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s dividend payout ratio is currently 63.79%.

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, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.