Conning Inc., an investment management company, recently announced a reduction in its holdings of AT&T Inc. (NYSE:T) by 20.3% during the second quarter of this year, according to the company’s latest disclosure with the Securities and Exchange Commission (SEC). As of the most recent filing, Conning Inc. owned 44,244 shares of AT&T, after selling 11,291 shares during the quarter. The value of these holdings amounted to $706,000.
AT&T released its quarterly earnings data on July 26th. The technology company reported earnings per share (EPS) of $0.63 for the quarter, surpassing analysts’ consensus estimates by $0.03. In terms of revenue, AT&T generated $29.92 billion during the same period, slightly below analyst estimates of $30.07 billion. Despite this, AT&T experienced a positive growth in revenue by 0.9% compared to the previous year’s quarter.
Looking at profitability measures, AT&T had a negative net margin of 7.22%, indicating that its expenses exceeded its revenues for the quarter analyzed. However, the company managed to maintain a positive return on equity (ROE) standing at 15.91%. This signifies that AT&T was able to generate profit from shareholder investments.
An important point worth mentioning is that during the corresponding period last year, AT&T recorded an EPS of $0.65 as opposed to $0.63 this year, showcasing a slight decrease in earnings performance.
As for future projections from sell-side analysts within this industry group suggest that they anticipate AT&T Inc.’s fiscal year earnings per share to be around 2.43.
In conclusion, Conning Inc.’s recent reduction in holdings of AT&T highlights changes in investment strategies within their portfolio management approach regarding technology companies like AT&T Inc., which remains focused on maintaining profitability despite challenges faced within specific financial metrics. This provides an interesting perspective for investors who are keen on tracking the overall performance and trajectory of AT&T in the coming months.
AT&T Stock Ownership Shifts and Analyst Ratings Indicate Market Intrigue
AT&T, one of the leading technology companies, has been witnessing changes in its share positions by several hedge funds and institutional investors. Twelve Points Wealth Management LLC increased its holdings in AT&T during the 1st quarter, acquiring an additional 512 shares worth $363,000. Similarly, Capital Advisors Wealth Management LLC also increased its holdings in AT&T by 5.1% during the same quarter, acquiring an additional 542 shares worth $213,000.
Nelson Van Denburg & Campbell Wealth Management Group LLC showed a slight increase in their holdings by 1.2% during the 1st quarter, acquiring an additional 547 shares worth $1,119,000. Retirement Planning Co of New England Inc. also contributed to this trend by increasing its holdings by 3.2% during the same period and acquired an additional 554 shares worth $341,000.
Furthermore, SMH Capital Advisors Inc. exhibited a similar pattern of increasing its holdings in AT&T during the 4th quarter by acquiring an additional 565 shares worth $585,000. This demonstrates a growing interest from institutional investors and hedge funds towards AT&T.
Currently, approximately 53.65% of AT&T’s stock is owned by institutional investors and hedge funds, indicating a significant degree of support from these market players.
On Tuesday (reference date: October 3rd), shares of AT&T opened at $14.67. The company has a debt-to-equity ratio of 1.10 and a current ratio of 0.68 along with a quick ratio of 0.63. Its moving averages for the period include a 50-day moving average of $14.56 and a 200-day moving average of $16.07.
With a market capitalization standing at approximately $104.88 billion, AT&T displays negative price-to-earnings ratio (-12.02) along with moderate PEG ratio of 1.84 and a beta of 0.63. Over the past year, the stock has ranged from a low of $13.43 to a high of $20.50.
In addition, AT&T recently declared a quarterly dividend to be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will receive a dividend of $0.2775 per share. On an annualized basis, this represents a dividend yield of 7.57%,amounting to $1.11 per share. However, it is important to note that AT&T’s payout ratio currently stands at -90.98%.
Several analysts have recently shared their insights regarding T shares. StockNews.com initiated coverage on AT&T with a “hold” rating on Thursday, August 17th. Wells Fargo & Company reduced its price objective for AT&T from $22.00 to $20.00 and maintained an “overweight” rating for the company in a research note on Thursday, July 20th.
JPMorgan Chase & Co., however, downgraded AT&T from an “overweight” rating to a “neutral” rating and lowered their price objective from $22.00 to $17.00 in another research note released on Friday, July 14th.
Deutsche Bank Aktiengesellschaft also dropped their price target on AT&T shares from $23.00 to $22.00 according to their research report published on July 14th.
On the contrary, Citigroup upgraded AT&T’s rating from “neutral” to “buy” and set a price target of $17.00 for the company’s shares in their research report dated August 29th.
Overall, out of the fifteen analysts who have provided ratings for AT&T stock based on Bloomberg.com data, nine suggest holding onto the shares while five recommend buying them.One analyst even issued a strong buy rating, indicating optimism about the stock.
Considering these perspectives, it becomes apparent that AT&T has attracted mixed opinions from analysts. The average rating remains “Hold” with an estimated consensus target price of $20.00.
These recent developments in AT&T’s share positions and the varied recommendations by analysts reflect the complex nature of the market and create an atmosphere of intrigue for investors and shareholders alike. As time progresses, it will be interesting to see how these factors impact the future trajectory of AT&T’s growth and performance in the technology sector.