IDT (NYSE:IDT) Reaches New 52-Week High – Time to Buy?

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

Analyst Ratings Changes

Several brokerages have recently weighed in on IDT. Wall Street Zen cut IDT from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 3rd. Weiss Ratings upgraded IDT from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, IDT has an average rating of “Hold”.

IDT Stock Performance

The firm has a market cap of $1.72 billion, a P/E ratio of 21.11 and a beta of 0.60. The firm’s fifty day moving average is $62.87 and its 200 day moving average is $55.26.

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

Insiders Place Their Bets

In related news, CFO Marcelo Fischer sold 23,323 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 32,824 shares of the company’s stock, valued at approximately $1,870,311.52. This trade represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nadine Shea sold 500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $55.32, for a total transaction of $27,660.00. Following the transaction, the executive vice president owned 8,725 shares in the company, valued at approximately $482,667. The trade was a 5.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 25.41% of the company’s stock.

Institutional Trading of IDT

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