RNC Capital Management LLC Sells 724,162 Shares of AT&T Inc. (NYSE:T)

RNC Capital Management LLC cut its stake in shares of AT&T Inc. (NYSE:T) by 23.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,359,913 shares of the technology company’s stock after selling 724,162 shares during the quarter. AT&T comprises approximately 2.4% of RNC Capital Management LLC’s portfolio, making the stock its 20th biggest position. RNC Capital Management LLC’s holdings in AT&T were worth $39,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of T. Carmel Capital Partners LLC boosted its position in AT&T by 16,250.0% in 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 during the last quarter. Lipe & Dalton purchased a new position in shares of AT&T during the 3rd quarter valued at about $30,000. Ramirez Asset Management Inc. purchased a new position in shares of AT&T during the 3rd quarter valued at about $30,000. FWL Investment Management LLC purchased a new position in shares of AT&T during the 4th quarter valued at about $31,000. Finally, Financial Freedom LLC purchased a new position in shares of AT&T during the 4th quarter valued at about $34,000. 57.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

T has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised AT&T from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $18.00 to $21.00 in a research report on Thursday, February 1st. Wolfe Research raised AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research report on Tuesday, March 5th. TheStreet raised AT&T from a “c” rating to a “b-” rating in a research note on Wednesday, January 24th. Citigroup lifted their target price on AT&T from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, Tigress Financial lifted their target price on AT&T from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.61.

AT&T Price Performance

T opened at $17.58 on Thursday. The business has a fifty day moving average of $17.08 and a 200 day moving average of $16.26. AT&T Inc. has a 52-week low of $13.43 and a 52-week high of $19.99. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.09. The stock has a market cap of $125.71 billion, a P/E ratio of 8.97, a PEG ratio of 2.59 and a beta of 0.57.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, January 24th. The technology company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). AT&T had a net margin of 11.76% and a return on equity of 15.39%. The business had revenue of $32 billion for the quarter, compared to analysts’ expectations of $31.44 billion. During the same quarter in the previous year, the firm earned $0.61 EPS. AT&T’s revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that AT&T Inc. will post 2.21 EPS 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.