Telecom giant AT (NYSE: T) has seemingly hung around the $20 mark for years. Today, shares are trading hands at $17. The stock has underperformed the S 500 due to a bloated balance sheet and lack of earnings growth.

However, things could finally be looking up. AT is slimming down and focusing on what it does best: telecommunications. It also cut the dividend enough to free up cash to help pay down debt.

Is this enough to move the stock higher? Should investors buy the stock while it's under $20 per share? Here are three things you must know to decide.

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Source Fool.com