Acadian Asset Management LLC Grows Position 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 boosted its holdings in shares of IDT Corporation (NYSE:IDT - Free Report) by 172.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,974 shares of the utilities provider's stock after acquiring 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 reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in IDT by 392.6% during the first quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider's stock worth $8,406,000 after acquiring an additional 130,569 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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. Alta Fox Capital Management LLC raised its position in IDT by 37.5% during the first quarter. Alta Fox Capital Management LLC now owns 136,060 shares of the utilities provider's stock worth $6,981,000 after acquiring an additional 37,125 shares during the last quarter. AQR Capital Management LLC raised its position in IDT by 40.2% during the first quarter. AQR Capital Management LLC now owns 58,197 shares of the utilities provider's stock worth $2,986,000 after acquiring an additional 16,678 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in IDT during the first quarter worth about $578,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Wall Street Analysts Forecast Growth

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

IDT Stock Down 1.8%

Shares of NYSE:IDT traded down $1.24 during trading on Friday, reaching $66.67. The stock had a trading volume of 912,242 shares, compared to its average volume of 131,824. IDT Corporation has a fifty-two week low of $37.45 and a fifty-two week high of $71.12. The business has a fifty day moving average price of $61.71 and a 200-day moving average price of $58.31. The stock has a market cap of $1.68 billion, a P/E ratio of 17.59 and a beta of 0.79.

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.