GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of AT&T Inc. (NYSE:T) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 487,131 shares of the technology company’s stock, valued at approximately $15,642,000. AT&T comprises 1.9% of GABELLI & Co INVESTMENT ADVISERS INC.’s investment portfolio, making the stock its 13th biggest holding.
Other institutional investors have also recently bought and sold shares of the company. Newport Trust Co boosted its stake in shares of AT&T by 1.5% in the second quarter. Newport Trust Co now owns 204,091,273 shares of the technology company’s stock worth $6,553,371,000 after buying an additional 3,055,174 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of AT&T by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 82,556,205 shares of the technology company’s stock worth $2,650,940,000 after buying an additional 11,990,755 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of AT&T by 21.2% in the second quarter. Bank of New York Mellon Corp now owns 72,724,434 shares of the technology company’s stock worth $2,335,182,000 after buying an additional 12,709,982 shares during the last quarter. Legal & General Group Plc raised its holdings in AT&T by 13.1% in the 2nd quarter. Legal & General Group Plc now owns 39,849,825 shares of the technology company’s stock worth $1,279,587,000 after purchasing an additional 4,605,192 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in AT&T by 21.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 30,207,723 shares of the technology company’s stock worth $969,970,000 after purchasing an additional 5,257,713 shares during the period. Institutional investors and hedge funds own 63.84% of the company’s stock.
In other news, Director Michael B. Mccallister bought 4,000 shares of AT&T stock in a transaction on Friday, October 26th. The stock was acquired at an average price of $29.14 per share, with a total value of $116,560.00. Following the completion of the acquisition, the director now directly owns 7,361 shares of the company’s stock, valued at $214,499.54. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by corporate insiders.
AT&T (NYSE:T) last announced its earnings results on Wednesday, October 24th. The technology company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.04). AT&T had a net margin of 20.40% and a return on equity of 13.61%. The firm had revenue of $45.74 billion for the quarter, compared to analyst estimates of $45.73 billion. During the same period in the previous year, the company earned $0.74 EPS. AT&T’s revenue was up 15.3% compared to the same quarter last year. As a group, equities research analysts anticipate that AT&T Inc. will post 3.51 EPS for the current fiscal year.
A number of research firms recently weighed in on T. Argus reaffirmed a “buy” rating and issued a $48.00 price target on shares of AT&T in a report on Friday, October 26th. Deutsche Bank upped their price target on AT&T from $35.00 to $37.00 and gave the stock a “hold” rating in a report on Monday, September 24th. UBS Group raised AT&T from a “neutral” rating to a “buy” rating and upped their price target for the stock from $33.00 to $38.00 in a report on Friday, September 21st. They noted that the move was a valuation call. Bank of America reaffirmed a “buy” rating on shares of AT&T in a report on Tuesday, August 21st. Finally, Moffett Nathanson raised AT&T from a “sell” rating to a “neutral” rating and set a $28.00 price target for the company in a report on Monday, November 26th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $36.35.
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AT&T Inc provides communications and digital entertainment services. The company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. The Business Solutions segment offers wireless services, strategic services, legacy voice, data services, wireless equipment, and other services to multinational companies, governmental and wholesale customers, and individual subscribers.
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