Summit Asset Management LLC Raises Stock Position in AT&T Inc. (NYSE:T)

Summit Asset Management LLC boosted its position in AT&T Inc. (NYSE:T) by 1.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,469 shares of the technology company’s stock after purchasing an additional 876 shares during the quarter. Summit Asset Management LLC’s holdings in AT&T were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Carmel Capital Partners LLC grew its holdings in shares of AT&T by 16,250.0% during the third quarter. Carmel Capital Partners LLC now owns 1,635 shares of the technology company’s stock worth $25,000 after purchasing an additional 1,625 shares in the last quarter. Lipe & Dalton purchased a new position in AT&T in the 3rd quarter worth approximately $30,000. Ramirez Asset Management Inc. bought a new position in shares of AT&T in the 3rd quarter worth $30,000. Farmers & Merchants Trust Co of Chambersburg PA raised its position in shares of AT&T by 35.3% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after buying an additional 606 shares in the last quarter. Finally, Morton Brown Family Wealth LLC lifted its holdings in shares of AT&T by 588.2% during the 4th quarter. Morton Brown Family Wealth LLC now owns 2,622 shares of the technology company’s stock worth $44,000 after acquiring an additional 2,241 shares during the last quarter. 57.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

T has been the topic of a number of research reports. Scotiabank raised their price objective on AT&T from $22.00 to $22.50 and gave the company a “sector outperform” rating in a report on Thursday, April 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $17.00 price objective on shares of AT&T in a report on Thursday, April 11th. Wolfe Research raised shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Tuesday, March 5th. Tigress Financial boosted their price target on shares of AT&T from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on AT&T from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, AT&T presently has a consensus rating of “Moderate Buy” and an average price target of $20.81.

AT&T Stock Down 0.7 %

AT&T stock traded down $0.12 on Thursday, hitting $16.80. 12,957,512 shares of the stock traded hands, compared to its average volume of 39,052,355. The business’s fifty day simple moving average is $16.96 and its 200 day simple moving average is $16.62. The firm has a market cap of $120.17 billion, a P/E ratio of 9.05, a price-to-earnings-growth ratio of 3.32 and a beta of 0.57. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. AT&T Inc. has a 1 year low of $13.43 and a 1 year high of $18.16.

AT&T (NYSE:T) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The business had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. During the same quarter last year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. As a group, sell-side analysts forecast that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a dividend of $0.2775 per share. The ex-dividend date was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a yield of 6.61%. AT&T’s dividend payout ratio is currently 59.68%.

AT&T Company 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.