AlTi Global Inc. Cuts Position in AT&T Inc. (NYSE:T)

AlTi Global Inc. lowered its holdings in AT&T Inc. (NYSE:T) by 20.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,691 shares of the technology company’s stock after selling 6,793 shares during the quarter. AlTi Global Inc.’s holdings in AT&T were worth $491,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Davidson Kempner Capital Management LP purchased a new position in AT&T in the 2nd quarter valued at approximately $23,888,000. DRW Securities LLC increased its position 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 valued at $1,997,000 after buying an additional 90,255 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of AT&T by 4.3% during 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. M&G Plc purchased a new stake in shares of AT&T in the 1st quarter worth about $9,074,000. Finally, Williams Financial LLC purchased a new stake in shares of AT&T in the 2nd quarter worth about $4,837,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on T. Citigroup raised their target price on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. TD Cowen raised their price objective on shares of AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Scotiabank cut AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Daiwa America raised AT&T to a “hold” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.31.

AT&T Trading Down 0.2 %

NYSE T opened at $21.56 on Thursday. The company has a 50-day moving average of $19.99 and a 200-day moving average of $18.41. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. AT&T Inc. has a 12 month low of $14.12 and a 12 month high of $22.34. The company has a market cap of $154.55 billion, a P/E ratio of 11.59, a P/E/G ratio of 3.66 and a beta of 0.59.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The company had revenue of $29.80 billion for the quarter, compared to the consensus estimate of $30.05 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. AT&T’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share. As a group, equities 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.