Aevitas Wealth Management Inc. Invests $358,000 in AT&T Inc. (T) Stock

Aevitas Wealth Management Inc. bought a new position in AT&T Inc. (NYSE:T) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,216 shares of the technology company’s stock, valued at approximately $358,000.

Other institutional investors have also modified their holdings of the company. IBM Retirement Fund increased its stake in shares of AT&T by 1.4% in the third quarter. IBM Retirement Fund now owns 152,825 shares of the technology company’s stock worth $6,589,000 after purchasing an additional 2,179 shares during the period. Putnam FL Investment Management Co. bought a new position in shares of AT&T in the third quarter worth about $12,430,000. Welch Investments LLC grew its position in AT&T by 6.7% during the third quarter. Welch Investments LLC now owns 116,571 shares of the technology company’s stock worth $4,566,000 after buying an additional 7,326 shares in the last quarter. Commerce Bank grew its position in AT&T by 1.6% during the third quarter. Commerce Bank now owns 2,905,518 shares of the technology company’s stock worth $113,809,000 after buying an additional 45,082 shares in the last quarter. Finally, Motco grew its position in AT&T by 4.8% during the third quarter. Motco now owns 319,649 shares of the technology company’s stock worth $12,520,000 after buying an additional 14,778 shares in the last quarter. 54.95% of the stock is owned by institutional investors and hedge funds.

Shares of AT&T traded up $0.30, hitting $32.52, during trading hours on Thursday, according to Marketbeat. 87,363,429 shares of the stock were exchanged, compared to its average volume of 31,643,885. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $209.83 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 2.94 and a beta of 0.41. AT&T Inc. has a 1-year low of $31.17 and a 1-year high of $39.80.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, April 25th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.02). AT&T had a return on equity of 14.46% and a net margin of 19.25%. The firm had revenue of $38.04 billion for the quarter, compared to analyst estimates of $39.36 billion. During the same quarter in the prior year, the business posted $0.74 EPS. The business’s revenue was down 3.4% on a year-over-year basis. equities research analysts forecast that AT&T Inc. will post 3.4 earnings per share for the current year.

A number of research firms have weighed in on T. ValuEngine downgraded AT&T from a “sell” rating to a “strong sell” rating in a report on Saturday, June 2nd. Jefferies Financial Group cut shares of AT&T from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $39.80 to $31.17 in a research report on Thursday, June 7th. Macquarie restated a “buy” rating and issued a $40.00 price objective on shares of AT&T in a research report on Wednesday, May 30th. SunTrust Banks dropped their price objective on shares of AT&T to $35.00 and set a “hold” rating for the company in a research report on Thursday, May 3rd. Finally, Moffett Nathanson cut shares of AT&T from a “neutral” rating to a “sell” rating and dropped their target price for the company from $35.00 to $28.00 in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AT&T has a consensus rating of “Hold” and an average target price of $40.26.

AT&T Profile

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.

Institutional Ownership by Quarter for AT&T (NYSE:T)

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Foxconn Launches Investigation After Reports Of Harsh Working Conditions At Its Factory Foxconn has announced that it has launched investigations into allegations of harsh working conditions at its factory. The company made the announcement after China Labor Watch, which is based in the New York, published a report that indicated Amazon’s workers were being subjected to many hours of work, inadequate training, low wages as well as over dependence on temporary workers. Undercover investigation Before compiling the report, an investigator from China Labor Watch went underground and acted as a worker in the factory. He then interviewed 20 workers, as well as took time to observe the conditions. During the period of investigation, the undercover investigator secured a position in the factory to clean Echo Dot speakers using a toothbrush soaked in rubbing alcohol to remove dust. In its investigation, China Labor Watch said around 40% of the employees at the factory were on temporary basis. This is far beyond the 10% that is legally allowed under the Chinese law. Additionally, the investigation also found out that dispatch employees were paid at the same rate for both regular and overtime hours. According to the investigation, the company was paying dispatch workers $2.26 per hour. Additionally, workers were working over 100 hours in over time every month during peak season. This is way beyond the 36 hours of overtime allowed under the law. Additionally, some workers worked for 14 consecutive days. Amazon’s audit In its response, Amazon said it carried out an audit of the factory and found that dispatch workers and overtime are matters of great concern. Amazon in a statement, said following the revelation, it requested Foxconn to put in place a corrective plan. Amazon said it is currently monitoring the response from Foxconn as well as the compliance with its Supplier Code of Conduct. Amazon expressed its commitment to ensuring that the matter is fully resolved. Echo Speakers Amazon, which is the largest online retailer in the world, sells a variety of devices. The company uses tablets and kindles to sell more digital books. Foxconn, which is based in Taiwan is the largest manufacturer of contract electronics in the world and has a headcount of over a million people. The company, which makes Apple iPhones made headlines following as series of suicides at its plant. The suicides were linked to poor working conditions at the plant to which the company responded with a promise to improve the working conditions.

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