IDT (NYSE:IDT) Stock Price Down 6.9% – What’s Next?

IDT Corporation (NYSE:IDT)’s share price traded down 6.9% during trading on Wednesday . The company traded as low as $48.00 and last traded at $48.0950. 35,138 shares were traded during trading, a decline of 76% from the average session volume of 146,432 shares. The stock had previously closed at $51.65.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen cut IDT from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of IDT in a research report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

IDT Stock Down 1.5%

The firm has a 50-day moving average of $49.83 and a two-hundred day moving average of $52.71. The company has a market capitalization of $1.21 billion, a PE ratio of 14.85 and a beta of 0.76.

IDT (NYSE:IDT) last posted its earnings results on Tuesday, March 10th. The utilities provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.10. The company had revenue of $320.52 million for the quarter, compared to the consensus estimate of $302.00 million. IDT had a return on equity of 26.75% and a net margin of 6.49%.

IDT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Thursday, March 19th will be given a $0.07 dividend. The ex-dividend date of this dividend is Thursday, March 19th. This is an increase from IDT’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 0.6%. IDT’s dividend payout ratio is currently 7.45%.

Insiders Place Their Bets

In other IDT news, CFO Marcelo Fischer sold 7,009 shares of IDT stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $52.03, for a total transaction of $364,678.27. Following the completion of the sale, the chief financial officer directly owned 56,863 shares in the company, valued at $2,958,581.89. This trade represents a 10.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 8,570 shares of company stock worth $446,073 over the last ninety days. Company insiders own 25.41% of the company’s stock.

Institutional Trading of IDT

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of IDT by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,156 shares of the utilities provider’s stock worth $470,000 after acquiring an additional 381 shares during the last quarter. Strs Ohio raised its holdings in shares of IDT by 5.9% in the third quarter. Strs Ohio now owns 10,700 shares of the utilities provider’s stock valued at $560,000 after buying an additional 600 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of IDT by 9.1% during the fourth quarter. Tudor Investment Corp ET AL now owns 16,274 shares of the utilities provider’s stock worth $833,000 after buying an additional 1,364 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of IDT during the third quarter worth about $96,000. Finally, Bank of New York Mellon Corp increased its position in IDT by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 113,762 shares of the utilities provider’s stock valued at $7,772,000 after acquiring an additional 2,510 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

IDT Company Profile

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.