Wallace Advisory Group LLC Buys 3,181 Shares of AT&T Inc. (NYSE:T)

Wallace Advisory Group LLC boosted its stake in shares of AT&T Inc. (NYSE:T) by 8.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,929 shares of the technology company’s stock after purchasing an additional 3,181 shares during the quarter. Wallace Advisory Group LLC’s holdings in AT&T were worth $744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in T. Davidson Kempner Capital Management LP acquired a new stake in AT&T during the second quarter worth $23,888,000. Mackenzie Financial Corp grew its holdings in AT&T by 12.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock worth $50,486,000 after acquiring an additional 288,093 shares during the last quarter. DRW Securities LLC increased its position in AT&T by 642.2% in the 2nd quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock valued at $1,997,000 after acquiring an additional 90,255 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of AT&T by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock worth $19,827,000 after acquiring an additional 43,062 shares during the last quarter. Finally, M&G Plc acquired a new position in shares of AT&T during the first quarter worth approximately $9,074,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on T shares. Tigress Financial upped their price objective on AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday. Daiwa America raised AT&T to a “hold” rating in a research note on Friday, July 26th. Citigroup lifted their price objective on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Oppenheimer boosted their price objective on AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $22.38.

AT&T Stock Up 1.2 %

Shares of NYSE:T opened at $21.90 on Monday. The business’s 50-day moving average is $20.15 and its 200-day moving average is $18.51. AT&T Inc. has a 1 year low of $14.12 and a 1 year high of $22.34. The company has a market capitalization of $157.03 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 3.68 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $29.80 billion during the quarter, compared to the consensus estimate of $30.05 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business’s revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 earnings per share. Equities research analysts predict that AT&T Inc. will post 2.2 earnings per share for the current year.

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.