IDT Corporation (NYSE:IDT) Sees Large Decline in Short Interest

IDT Corporation (NYSE:IDT) saw a significant drop in short interest in February. As of February 27th, there was short interest totaling 326,609 shares, a drop of 30.2% from the February 12th total of 468,086 shares. Based on an average daily volume of 159,825 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.7% of the company’s stock are sold short. Currently, 1.7% of the company’s stock are sold short. Based on an average daily volume of 159,825 shares, the days-to-cover ratio is presently 2.0 days.

Insider Transactions at IDT

In other IDT news, CFO Marcelo Fischer sold 7,009 shares of the business’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $52.03, for a total value of $364,678.27. Following the completion of the transaction, the chief financial officer directly owned 56,863 shares in the company, valued at approximately $2,958,581.89. The trade was a 10.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 8,570 shares of company stock valued at $446,073 in the last 90 days. 25.41% of the stock is owned by insiders.

Institutional Trading of IDT

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new position in shares of IDT in the third quarter worth about $96,000. Gabelli Funds LLC acquired a new stake in shares of IDT during the 2nd quarter valued at about $239,000. State of Tennessee Department of Treasury purchased a new position in shares of IDT in the 4th quarter valued at about $268,000. Ameriprise Financial Inc. purchased a new position in shares of IDT in the 3rd quarter valued at about $399,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IDT by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,156 shares of the utilities provider’s stock worth $470,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

IDT Stock Down 2.0%

Shares of IDT traded down $1.00 during mid-day trading on Monday, reaching $47.74. The company had a trading volume of 71,604 shares, compared to its average volume of 151,026. The stock has a market capitalization of $1.20 billion, a P/E ratio of 14.64 and a beta of 0.76. IDT has a 52-week low of $45.35 and a 52-week high of $71.12. The stock has a 50 day moving average of $49.79 and a two-hundred day moving average of $52.47.

IDT (NYSE:IDT) last announced its quarterly earnings results on Tuesday, March 10th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.10. IDT had a return on equity of 25.97% and a net margin of 6.49%.The company had revenue of $320.52 million during the quarter, compared to analysts’ expectations of $302.00 million.

IDT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Thursday, March 19th will be paid a $0.07 dividend. The ex-dividend date is Thursday, March 19th. This represents a $0.28 annualized dividend and a dividend yield of 0.6%. This is an increase from IDT’s previous quarterly dividend of $0.06. IDT’s dividend payout ratio (DPR) is presently 7.36%.

Analyst Ratings Changes

IDT has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IDT in a research report on Monday, December 29th. Wall Street Zen downgraded shares of IDT from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

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.