Benin Management CORP Sells 1,490 Shares of AT&T Inc. (NYSE:T)

Benin Management CORP cut its holdings in shares of AT&T Inc. (NYSE:T) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,658 shares of the technology company’s stock after selling 1,490 shares during the period. Benin Management CORP’s holdings in AT&T were worth $520,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of T. Hayek Kallen Investment Management grew its holdings in AT&T by 0.8% during the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock worth $1,326,000 after acquiring an additional 500 shares during the period. Octavia Wealth Advisors LLC grew its holdings in AT&T by 2.1% during the 2nd quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after acquiring an additional 519 shares during the period. Carolinas Wealth Consulting LLC grew its holdings in AT&T by 2.3% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock worth $452,000 after acquiring an additional 521 shares during the period. WealthCare Investment Partners LLC boosted its position in shares of AT&T by 2.2% during the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock worth $461,000 after purchasing an additional 525 shares in the last quarter. Finally, Integral Investment Advisors Inc. boosted its position in shares of AT&T by 3.2% during the 2nd quarter. Integral Investment Advisors Inc. now owns 17,177 shares of the technology company’s stock worth $322,000 after purchasing an additional 538 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Performance

Shares of AT&T stock traded down $0.11 during mid-day trading on Monday, hitting $21.74. 8,006,905 shares of the stock were exchanged, compared to its average volume of 35,397,117. AT&T Inc. has a 12 month low of $14.74 and a 12 month high of $22.34. The company has a 50-day simple moving average of $20.95 and a 200 day simple moving average of $18.98. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The company has a market capitalization of $155.88 billion, a P/E ratio of 11.71, a P/E/G ratio of 3.63 and a beta of 0.60.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter last year, the firm earned $0.63 EPS. The company’s quarterly revenue was down .3% compared to the same quarter last year. Sell-side analysts anticipate 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 will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date is Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.11%. AT&T’s payout ratio is currently 59.68%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on T. JPMorgan Chase & Co. increased their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Barclays increased their price objective on shares of AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. TD Cowen increased their price objective on shares of AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Royal Bank of Canada increased their price objective on shares of AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Finally, Moffett Nathanson increased their price objective on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AT&T presently has an average rating of “Moderate Buy” and an average price target of $22.69.

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.