IDT Corporation $IDT Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its IDT stake by 68.4% in the second quarter, selling 35,027 shares and retaining 16,150 shares valued at approximately $939,000.
• Institutional ownership remains significant at 59.34%, with several investors—including Kahn Brothers Group and Cooke & Bieler—establishing new positions during recent quarters.
• IDT holds a consensus “Hold” rating; shares recently opened at $69.73, near their 52-week high, while CFO Marcelo Fischer separately sold 23,323 shares.

Engineers Gate Manager LP lessened its holdings in shares of IDT Corporation (NYSE:IDT - Free Report) by 68.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,150 shares of the utilities provider's stock after selling 35,027 shares during the period. Engineers Gate Manager LP owned 0.06% of IDT worth $939,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kahn Brothers Group Inc. purchased a new position in shares of IDT in the second quarter worth approximately $20,453,000. Public Employees Retirement System of Ohio bought a new stake in shares of IDT in the 2nd quarter valued at approximately $596,000. Cooke & Bieler LP acquired a new stake in IDT in the fourth quarter valued at approximately $20,030,000. Allworth Financial LP grew its position in IDT by 531.1% in the second quarter. Allworth Financial LP now owns 568 shares of the utilities provider's stock worth $33,000 after acquiring an additional 478 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of IDT during the 2nd quarter worth $32,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of IDT from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, IDT has a consensus rating of "Hold".

IDT Price Performance

Shares of IDT opened at $69.73 on Friday. The company has a market capitalization of $1.73 billion, a PE ratio of 21.33 and a beta of 0.62. IDT Corporation has a one year low of $45.72 and a one year high of $72.13. The company's fifty day moving average price is $66.82 and its 200 day moving average price is $57.61.

Insider Activity at IDT

In related news, CFO Marcelo Fischer sold 23,323 shares of the business's stock in a transaction dated Friday, June 26th. The stock was 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 in the company, valued at $1,870,311.52. The trade was a 41.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 25.41% of the company's stock.

About IDT

IDT Corporation is a telecommunications and financial technology company that provides communications, payment and business services to consumers, small businesses and retail customers. The company operates through brands and businesses focused on international calling, mobile top-ups, money transfers, cloud communications and retail technology.

Its BOSS Revolution platform offers international calling, prepaid wireless services, mobile recharging and international money transfers, primarily serving immigrant and international communities.

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