Adirondack Trust Co. Sells 6,159 Shares of AT&T Inc. (NYSE:T)

Adirondack Trust Co. lowered its stake in shares of AT&T Inc. (NYSE:T) by 17.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 28,997 shares of the technology company’s stock after selling 6,159 shares during the quarter. Adirondack Trust Co.’s holdings in AT&T were worth $638,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Davidson Kempner Capital Management LP purchased a new stake in shares of AT&T during the second quarter valued at approximately $23,888,000. Mackenzie Financial Corp increased its position 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 last quarter. DRW Securities LLC raised its stake in shares of AT&T by 642.2% during the 2nd quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock worth $1,997,000 after purchasing an additional 90,255 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 worth $19,827,000 after buying an additional 43,062 shares during the last quarter. Finally, Talbot Financial LLC bought a new position in AT&T during the third quarter valued at about $7,438,000. 57.10% of the stock is currently owned by institutional investors.

AT&T Price Performance

T stock opened at $21.94 on Thursday. The firm has a 50 day simple moving average of $20.58 and a two-hundred day simple moving average of $18.75. 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 stock has a market cap of $157.28 billion, a PE ratio of 11.79, a P/E/G ratio of 3.74 and a beta of 0.60. AT&T Inc. has a one year low of $14.23 and a one year high of $22.34.

AT&T (NYSE:T) last issued its quarterly 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. The firm 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 revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. On average, analysts predict that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.06%. AT&T’s payout ratio is 59.68%.

Analyst Ratings Changes

T has been the topic of a number of research analyst reports. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. TD Cowen upped their price objective on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. The Goldman Sachs Group began coverage on AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 price target on the stock. Finally, Tigress Financial lifted their price objective on AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.38.

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.