Acadian Asset Management LLC Raises Stake in IDT Corporation $IDT

Key Points

• Acadian Asset Management LLC significantly increased its stake in IDT Corporation by 172.6%, now owning approximately 80,974 shares valued at $4.14 million.
• Other major hedge funds, including Northern Trust Corp and Nuveen Asset Management LLC, have also increased their holdings in IDT, indicating strong institutional interest.
• Analysts have downgraded IDT's rating from "strong-buy" to "buy," reflecting a shift in market sentiment despite the company's solid stock performance.

Acadian Asset Management LLC grew its stake in IDT Corporation (NYSE:IDT - Free Report) by 172.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,974 shares of the utilities provider's stock after purchasing an additional 51,274 shares during the period. Acadian Asset Management LLC owned about 0.32% of IDT worth $4,143,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IDT. Northern Trust Corp boosted its position in IDT by 5.0% in the 4th quarter. Northern Trust Corp now owns 168,739 shares of the utilities provider's stock worth $8,018,000 after purchasing an additional 7,968 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in IDT by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,775 shares of the utilities provider's stock valued at $417,000 after acquiring an additional 303 shares during the period. Nuveen Asset Management LLC increased its holdings in IDT by 18.7% in the 4th quarter. Nuveen Asset Management LLC now owns 107,926 shares of the utilities provider's stock worth $5,129,000 after acquiring an additional 17,035 shares in the last quarter. ProShare Advisors LLC purchased a new stake in IDT in the 4th quarter worth $206,000. Finally, Two Sigma Investments LP raised its position in IDT by 33.0% during the fourth quarter. Two Sigma Investments LP now owns 47,604 shares of the utilities provider's stock worth $2,262,000 after acquiring an additional 11,800 shares during the period. Hedge funds and other institutional investors own 59.34% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of IDT from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th.

IDT Stock Performance

Shares of IDT opened at $66.21 on Monday. The stock has a 50-day simple moving average of $61.46 and a 200-day simple moving average of $57.79. The stock has a market capitalization of $1.67 billion, a PE ratio of 17.47 and a beta of 0.79. IDT Corporation has a 1 year low of $36.92 and a 1 year high of $71.12.

About IDT

IDT Corporation provides communications and payment services in the United States, the United Kingdom, and internationally. It operates through Fintech, National Retail Solutions, net2phone, and Traditional Communications segments. The company operates point of sale, a terminal-based platform which provides independent retailers store management software, electronic payment processing, and other ancillary merchant services; and provides marketers with digital out-of-home advertising and transaction data.

Want to see what other hedge funds are holding IDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IDT Corporation (NYSE:IDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.