Adirondack Trust Co. Has $638,000 Holdings in AT&T Inc. (NYSE:T)

Adirondack Trust Co. trimmed its holdings in AT&T Inc. (NYSE:T) by 17.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,997 shares of the technology company’s stock after selling 6,159 shares during the period. Adirondack Trust Co.’s holdings in AT&T were worth $638,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in T. Riggs Asset Managment Co. Inc. boosted its holdings in shares of AT&T by 356.5% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after acquiring an additional 1,116 shares during the period. Pineridge Advisors LLC bought a new stake in AT&T in the 4th quarter valued at $25,000. American Capital Advisory LLC grew its holdings in AT&T by 107.5% in the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after buying an additional 807 shares in the last quarter. Altshuler Shaham Ltd bought a new position in AT&T during the 2nd quarter worth $30,000. Finally, Marquette Asset Management LLC acquired a new stake in shares of AT&T during the third quarter worth $36,000. 57.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Hsbc Global Res upgraded shares of AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Moffett Nathanson lifted their price target on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Royal Bank of Canada lifted their target price on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Evercore ISI increased their target price on shares of AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a report on Thursday, July 25th. Finally, The Goldman Sachs Group started coverage on shares of AT&T in a report on Monday, July 1st. They set a “buy” rating and a $22.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.38.

AT&T Price Performance

AT&T stock opened at $21.94 on Thursday. The stock has a market capitalization of $157.28 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 3.74 and a beta of 0.60. AT&T Inc. has a 52-week low of $14.23 and a 52-week high of $22.34. 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 stock’s 50 day moving average price is $20.58 and its two-hundred day moving average price is $18.75.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The company had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The business’s revenue was down .3% on a year-over-year basis. On average, equities analysts predict that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s payout ratio is 59.68%.

AT&T Company Profile

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.