AT&T (NYSE:T) Trading Down 0.2% – Here’s What Happened

Shares of AT&T Inc. (NYSE:T) were down 0.2% on Tuesday . The stock traded as low as $26.63 and last traded at $26.79. Approximately 5,672,058 shares traded hands during trading, a decline of 83% from the average daily volume of 33,990,344 shares. The stock had previously closed at $26.83.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. New Street Research raised AT&T from a “neutral” rating to a “buy” rating in a report on Tuesday, December 3rd. Morgan Stanley raised shares of AT&T from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $19.00 to $28.00 in a research report on Monday, December 16th. DZ Bank upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Wednesday, January 29th. Royal Bank of Canada upped their price objective on shares of AT&T from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Tigress Financial boosted their target price on AT&T from $30.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.79.

AT&T Stock Performance

The stock’s 50-day moving average is $24.93 and its 200 day moving average is $23.20. The stock has a market cap of $192.75 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 3.00 and a beta of 0.56. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.66 and a quick ratio of 0.62.

AT&T (NYSE:T) last posted its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. As a group, analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of AT&T by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 642,859,644 shares of the technology company’s stock worth $14,637,914,000 after buying an additional 6,220,442 shares in the last quarter. Geode Capital Management LLC raised its position in AT&T by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 163,761,301 shares of the technology company’s stock worth $3,719,723,000 after acquiring an additional 2,640,644 shares during the last quarter. GQG Partners LLC grew its position in shares of AT&T by 37.3% in the fourth quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company’s stock valued at $2,203,667,000 after purchasing an additional 26,280,866 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of AT&T by 7.1% during the 4th quarter. Bank of New York Mellon Corp now owns 85,592,594 shares of the technology company’s stock worth $1,948,943,000 after purchasing an additional 5,649,277 shares during the last quarter. Finally, Norges Bank acquired a new stake in AT&T during the 4th quarter valued at $1,858,418,000. 57.10% of the stock is owned by hedge funds and other institutional investors.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.