Short Interest in IDT Corporation (NYSE:IDT) Declines By 30.2%
by Michael Walen · The Markets DailyIDT Corporation (NYSE:IDT – Get Free Report) was the target of a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 326,609 shares, a decline of 30.2% from the February 12th total of 468,086 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 159,825 shares, the days-to-cover ratio is currently 2.0 days. Based on an average trading volume of 159,825 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.7% of the shares of the stock are sold short.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on IDT shares. Wall Street Zen lowered IDT from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IDT in a research note on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.
View Our Latest Stock Analysis on IDT
Insider Transactions at IDT
In related news, CFO Marcelo Fischer sold 7,009 shares of the 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 owned 56,863 shares of the company’s stock, valued at $2,958,581.89. This represents a 10.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 8,570 shares of company stock valued at $446,073 over the last three months. Corporate insiders own 25.41% of the company’s stock.
Institutional Investors Weigh In On IDT
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IDT by 4.3% during 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 last quarter. Strs Ohio raised its stake in shares of IDT by 5.9% during the third quarter. Strs Ohio now owns 10,700 shares of the utilities provider’s stock worth $560,000 after buying an additional 600 shares during the last quarter. Tudor Investment Corp ET AL raised 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 last quarter. Public Employees Retirement System of Ohio acquired a new position in IDT in the third quarter valued at approximately $96,000. Finally, Bank of New York Mellon Corp lifted its holdings in IDT by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 113,762 shares of the utilities provider’s stock valued at $7,772,000 after buying an additional 2,510 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.
IDT Trading Down 0.9%
IDT stock traded down $0.47 during trading on Friday, hitting $48.70. 163,686 shares of the stock traded hands, compared to its average volume of 160,644. IDT has a one year low of $45.35 and a one year high of $71.12. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 14.94 and a beta of 0.76. The company has a 50 day simple moving average of $49.79 and a 200 day simple moving average of $52.54.
IDT (NYSE:IDT – Get Free Report) last released its quarterly 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 firm had revenue of $320.52 million for the quarter, compared to analyst estimates of $302.00 million. IDT had a net margin of 6.49% and a return on equity of 26.75%.
IDT Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Thursday, March 19th will be given a dividend of $0.07 per share. This is a boost from IDT’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, March 19th. This represents a $0.28 dividend on an annualized basis and a yield of 0.6%. IDT’s dividend payout ratio is currently 7.36%.
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.