Investment Management Corp of Ontario Sells 272,744 Shares of AT&T Inc. (NYSE:T)

Investment Management Corp of Ontario cut its holdings in AT&T Inc. (NYSE:T) by 25.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 799,582 shares of the technology company’s stock after selling 272,744 shares during the period. Investment Management Corp of Ontario’s holdings in AT&T were worth $17,591,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Chesapeake Wealth Management lifted its holdings in shares of AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock worth $535,000 after acquiring an additional 460 shares during the last quarter. Socha Financial Group LLC increased its position in AT&T by 2.5% in the third quarter. Socha Financial Group LLC now owns 18,847 shares of the technology company’s stock worth $415,000 after buying an additional 461 shares during the period. Garden State Investment Advisory Services LLC raised its holdings in AT&T by 1.4% during the 3rd quarter. Garden State Investment Advisory Services LLC now owns 34,468 shares of the technology company’s stock worth $759,000 after buying an additional 468 shares during the period. Essex Savings Bank grew its holdings in AT&T by 2.3% during the third quarter. Essex Savings Bank now owns 21,636 shares of the technology company’s stock valued at $476,000 after purchasing an additional 480 shares during the last quarter. Finally, Hayek Kallen Investment Management boosted its stake in shares of AT&T by 0.8% in the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock valued at $1,326,000 after purchasing an additional 500 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Up 2.5 %

T stock opened at $23.27 on Tuesday. The firm has a market capitalization of $166.97 billion, a PE ratio of 18.46, a P/E/G ratio of 3.48 and a beta of 0.59. AT&T Inc. has a 12 month low of $15.94 and a 12 month high of $23.38. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The company’s 50 day simple moving average is $22.17 and its 200-day simple moving average is $20.17.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Equities analysts expect that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.77%. AT&T’s payout ratio is 90.24%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Hsbc Global Res upgraded shares of AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Scotiabank downgraded shares of AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and set a $22.00 target price on shares of AT&T in a report on Thursday, October 24th. Redburn Atlantic raised AT&T to a “strong sell” rating in a report on Monday, September 16th. Finally, Tigress Financial raised their target price on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” and an average target price 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.