Concentric Capital Strategies LP Makes New $1.98 Million Investment in AT&T Inc. (NYSE:T)

Concentric Capital Strategies LP purchased a new position in AT&T Inc. (NYSE:T) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 89,928 shares of the technology company’s stock, valued at approximately $1,978,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ritter Daniher Financial Advisory LLC DE boosted its holdings in AT&T by 169.2% in the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 1,338 shares of the technology company’s stock worth $29,000 after purchasing an additional 841 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its stake in AT&T by 356.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after buying an additional 1,116 shares during the last quarter. American Capital Advisory LLC lifted its holdings in shares of AT&T by 107.5% during the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after buying an additional 807 shares during the period. Reston Wealth Management LLC purchased a new position in shares of AT&T in the 3rd quarter worth $35,000. Finally, Altshuler Shaham Ltd bought a new stake in shares of AT&T in the second quarter worth $30,000. 57.10% of the stock is owned by institutional investors.

AT&T Price Performance

Shares of AT&T stock opened at $22.70 on Tuesday. The company has a market capitalization of $162.88 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 3.48 and a beta of 0.59. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $22.17 and its 200-day simple moving average is $20.17. AT&T Inc. has a 52 week low of $15.94 and a 52 week high of $23.38.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The company had revenue of $30.20 billion for the quarter, compared to analysts’ expectations of $30.50 billion. During the same period in the previous year, the firm earned $0.64 EPS. The firm’s revenue was down .5% compared to the same quarter last year. As a group, analysts expect that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a $0.2775 dividend. The ex-dividend date was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.89%. AT&T’s dividend payout ratio is currently 90.24%.

Analyst Ratings Changes

A number of research analysts have weighed in on T shares. Oppenheimer increased their target price on AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Evercore ISI boosted their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research report on Thursday, October 24th. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $22.00 price target on shares of AT&T in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.53.

About AT&T

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.