Founders Capital Management Sells 9,152 Shares of AT&T Inc. (NYSE:T)

Founders Capital Management reduced its stake in shares of AT&T Inc. (NYSE:T) by 23.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,687 shares of the technology company’s stock after selling 9,152 shares during the quarter. Founders Capital Management’s holdings in AT&T were worth $474,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of AT&T by 0.4% during the first quarter. BlackRock Inc. now owns 523,127,988 shares of the technology company’s stock valued at $10,070,214,000 after buying an additional 1,985,371 shares during the last quarter. State Street Corp boosted its holdings in shares of AT&T by 0.5% in the first quarter. State Street Corp now owns 287,304,512 shares of the technology company’s stock valued at $5,530,602,000 after purchasing an additional 1,567,008 shares during the period. Newport Trust Co boosted its holdings in shares of AT&T by 0.7% in the first quarter. Newport Trust Co now owns 196,653,545 shares of the technology company’s stock valued at $3,785,581,000 after purchasing an additional 1,337,195 shares during the period. Geode Capital Management LLC boosted its holdings in shares of AT&T by 0.4% in the first quarter. Geode Capital Management LLC now owns 134,387,114 shares of the technology company’s stock valued at $2,581,839,000 after purchasing an additional 530,478 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of AT&T by 37.3% in the fourth quarter. Morgan Stanley now owns 109,639,428 shares of the technology company’s stock valued at $2,018,462,000 after purchasing an additional 29,769,976 shares during the period. Institutional investors own 53.65% of the company’s stock.

AT&T Stock Up 1.2 %

Shares of T traded up $0.18 during midday trading on Friday, hitting $15.24. 13,541,728 shares of the company’s stock traded hands, compared to its average volume of 38,685,133. AT&T Inc. has a 1 year low of $13.43 and a 1 year high of $20.50. The firm’s fifty day moving average is $14.49 and its 200-day moving average is $16.40. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $108.95 billion, a price-to-earnings ratio of -12.34, a price-to-earnings-growth ratio of 1.79 and a beta of 0.64.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 26th. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.60 by $0.03. AT&T had a positive return on equity of 15.91% and a negative net margin of 7.22%. The firm had revenue of $29.92 billion during the quarter, compared to analyst estimates of $30.07 billion. During the same quarter in the prior year, the business posted $0.65 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that AT&T Inc. will post 2.43 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 7.28%. The ex-dividend date was Friday, July 7th. AT&T’s payout ratio is -90.98%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Citigroup upgraded AT&T from a “neutral” rating to a “buy” rating and set a $17.00 price target for the company in a report on Tuesday, August 29th. HSBC lowered their price target on AT&T from $21.00 to $19.00 in a report on Monday, June 5th. StockNews.com started coverage on AT&T in a report on Thursday, August 17th. They issued a “hold” rating for the company. Barclays lowered their target price on AT&T from $18.00 to $17.00 in a report on Thursday, July 6th. Finally, Royal Bank of Canada lowered their target price on AT&T from $19.00 to $14.00 and set a “sector perform” rating for the company in a report on Thursday, August 10th. Nine analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.00.

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, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.