AT&T Inc. (T): Adage Capital Management, AQR Capital Management, D E Shaw, Scout Capital Management Are Bullish

AT&T Inc. (NYSE:T) shareholders have witnessed a decrease in support from the world’s most elite money managers of late.

According to 4-traders:

“AT&T* developed the Public Relations News Operations Center (PRNOC) to enhance its ability to engage customers in the digital realm. As a result of the proprietary technology powering the social media listening platform, AT&T earned its sixth CIO 100 Award from IDG’s CIO magazine and ranked number 37 on this year’s InformationWeek 500.”

With these “truths” under our belt, it’s important to take a glance at the recent action regarding AT&T Inc. (NYSE:T).

AT&T Inc. (NYSE:T)

Hedge fund activity in AT&T Inc. (NYSE:T)

Heading into Q2, a total of 33 of the hedge funds Insider Monkey tracks were long in this stock, a change of -13 percent from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were upping their holdings substantially.

Of the funds Insider Monkey tracks, Adage Capital Management, managed by Phill Gross and Robert Atchinson, holds the largest position in AT&T Inc. (NYSE:T). Adage Capital Management has a $206.9 million position in the stock, comprising 0.6% of its 13F portfolio. The second largest stake is held by AQR Capital Management, managed by Cliff Asness, which held a $144.2 million position; the fund has 0.5% of its 13F portfolio invested in the stock. Other hedgies that are bullish include D. E. Shaw’s D E Shaw, and James Crichton and Adam Weiss’s Scout Capital Management.

Because AT&T Inc. (NYSE:T) has experienced falling interest from the aggregate hedge fund industry, it’s easy to see that there were a few fund managers who sold off their entire stakes last quarter. It’s worth mentioning that Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners dropped the biggest investment of the 450+ funds we monitor, valued at an estimated $26.7 million in stock, and Matthew Tewksbury of Stevens Capital Management was right behind this move, as the fund said goodbye to about $12 million worth. These moves are important to note, as total hedge fund interest was cut by 5 funds last quarter.

Insider trading activity in AT&T Inc. (NYSE:T)

Bullish insider trading is particularly usable when the company in question has experienced transactions within the past half-year. Over the last six-month time period, AT&T Inc. (NYSE:T) has experienced 2 unique insiders purchasing, and one insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to AT&T Inc. (NYSE:T). These stocks are Windstream Corporation (NASDAQ:WIN), CenturyLink, Inc. (NYSE:CTL), Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT), BCE Inc. (USA) (NYSE:BCE), and Verizon Communications Inc. (NYSE:VZ). This group of stocks are the members of the telecom services – domestic industry and their market caps resemble T’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Windstream Corporation (NASDAQ:WIN) 10 1 1
CenturyLink, Inc. (NYSE:CTL) 27 0 5
Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT) 6 0 0
BCE Inc. (USA) (NYSE:BCE) 11 0 0
Verizon Communications Inc. (NYSE:VZ) 49 0 3

At the end of Q3, AT&T Inc. was the second most widely held telecom services – domestic industry stock among the hedge funds Insider Monkey tracks.


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