IDT (NYSE:IDT) Hits New 1-Year High – Here’s Why

Shares of IDT Corporation (NYSE:IDT) reached a new 52-week high during trading on Tuesday . The company traded as high as $69.15 and last traded at $69.0650, with a volume of 75710 shares trading hands. The stock had previously closed at $68.29.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IDT. Weiss Ratings upgraded shares of IDT from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 25th. Wall Street Zen cut shares of IDT from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 3rd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

IDT Trading Up 0.8%

The company has a market cap of $1.71 billion, a P/E ratio of 21.05 and a beta of 0.60. The company has a 50 day moving average price of $62.26 and a 200-day moving average price of $54.97.

IDT (NYSE:IDT) last announced its quarterly earnings data on Wednesday, June 3rd. The utilities provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.05. The business had revenue of $315.71 million during the quarter, compared to the consensus estimate of $308.00 million. IDT had a return on equity of 24.36% and a net margin of 6.41%.

IDT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Tuesday, June 9th were issued a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.4%. IDT’s dividend payout ratio is 8.56%.

Insider Buying and Selling

In related news, EVP Nadine Shea sold 500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $55.32, for a total transaction of $27,660.00. Following the completion of the transaction, the executive vice president directly owned 8,725 shares in the company, valued at $482,667. This represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marcelo Fischer sold 23,323 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $56.98, for a total transaction of $1,328,944.54. Following the completion of the transaction, the chief financial officer directly owned 32,824 shares of the company’s stock, valued at approximately $1,870,311.52. The trade was a 41.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 25.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System boosted its stake in shares of IDT by 6,831.1% during the second quarter. California State Teachers Retirement System now owns 1,340,821 shares of the utilities provider’s stock valued at $77,982,000 after purchasing an additional 1,321,476 shares in the last quarter. Cooke & Bieler LP acquired a new position in shares of IDT in the fourth quarter valued at approximately $20,030,000. Kahn Brothers Group Inc. bought a new position in IDT in the 2nd quarter valued at approximately $18,292,990,000. Millennium Management LLC raised its holdings in IDT by 392.6% in the 1st quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider’s stock valued at $8,406,000 after buying an additional 130,569 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in IDT by 22.1% during the 4th quarter. Geode Capital Management LLC now owns 559,849 shares of the utilities provider’s stock worth $28,675,000 after buying an additional 101,268 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

About IDT

IDT Corporation, founded in 1990 and headquartered in Newark, New Jersey, is a diversified global provider of telecommunications and payment services. The company operates through its primary communications arm, IDT Telecom, and a digital solutions segment that encompasses cross-border money transfers and related fintech offerings. Since its inception, IDT has built an international network infrastructure to support voice and data transmission across more than 200 countries and territories.

Through IDT Telecom, the company offers a suite of voice communication products, including prepaid phone cards, VoIP services, SIP trunking and operator-assisted calling.