Sessa Capital IM L.P. Reduces Stock Holdings in AT&T Inc. (NYSE:T)

Sessa Capital IM L.P. cut its stake in AT&T Inc. (NYSE:T) by 35.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,166,191 shares of the technology company’s stock after selling 2,255,511 shares during the quarter. AT&T comprises approximately 2.4% of Sessa Capital IM L.P.’s holdings, making the stock its 11th largest holding. Sessa Capital IM L.P. owned approximately 0.06% of AT&T worth $79,616,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Frank Rimerman Advisors LLC bought a new position in AT&T in the 4th quarter valued at $25,000. Pineridge Advisors LLC purchased a new position in AT&T in the 4th quarter worth about $25,000. Strategic Financial Concepts LLC lifted its holdings in AT&T by 227.6% during the 2nd quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock valued at $25,000 after buying an additional 91,578 shares in the last quarter. Riggs Asset Managment Co. Inc. boosted its position in 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 valued at $27,000 after buying an additional 1,116 shares during the period. Finally, American Capital Advisory LLC grew its stake in 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 acquiring an additional 807 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on T shares. UBS Group reaffirmed a “buy” rating and set a $24.00 price target on shares of AT&T in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft raised their price objective on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Scotiabank cut AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Citigroup raised their price target on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada lifted their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.31.

AT&T Stock Performance

Shares of NYSE T opened at $21.66 on Friday. The company has a market capitalization of $155.31 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 3.66 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The company’s fifty day moving average price is $20.09 and its 200 day moving average price is $18.46. AT&T Inc. has a 1 year low of $14.12 and a 1 year high of $22.34.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same period in the prior year, the company posted $0.63 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. On average, research analysts predict that AT&T Inc. will post 2.2 earnings per share for the current year.

AT&T Profile

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.