AT&T Inc Stock (NYSE: T) finds itself trading at a similar level and valuation as it was in late 2018 and early 2019 when the stock price was at the same point. The company’s 7% dividend yield and Dividend Aristocrat status is definitely an attractive feature and has many longer-term income investors taking a closer look at this price. As the price floats near $30, at least one insider appears to have found a price their comfortable with.
Stephen J. Luczo is a director for AT&T and has increased the size of his position in the company in recent months. On February 4, he added 100,000 shares before the sell-off, increasing his position from 64,000 shares. On April 22, he added another 36,000 shares at $29.38, which rounded his total to 200,000 shares. The on July 23, he added another 100,000 shares at $29.69 to bring his holdings to 300,000.
The most recent addition came on the same day as the earnings report in which the company beat analyst estimates by 5.1% by reporting $0.83 versus $0.79. The reaction to the earnings was fairly muted, but the company has seen slight positive revisions to their upcoming earnings reports for the current quarter and current year.
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Action to Take: AT&T is a long opportunity as a long-term income investment or as a trade with a $31.50 near-term price target.