Kahn Brothers Group Inc. Acquires Shares of 351,660 IDT Corporation $IDT

Kahn Brothers Group Inc. acquired a new stake in IDT Corporation (NYSE:IDT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 351,660 shares of the utilities provider's stock, valued at approximately $20,453,000. IDT accounts for about 0.0% of Kahn Brothers Group Inc.'s holdings, making the stock its 24th biggest position. Kahn Brothers Group Inc. owned 1.41% of IDT as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of IDT. Geode Capital Management LLC raised its position in IDT by 22.1% during the fourth quarter. Geode Capital Management LLC now owns 559,849 shares of the utilities provider's stock valued at $28,675,000 after acquiring an additional 101,268 shares in the last quarter. Cooke & Bieler LP purchased a new stake in IDT in the 4th quarter worth approximately $20,030,000. Millennium Management LLC grew its stake in shares of IDT by 392.6% during the 1st quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider's stock worth $8,406,000 after purchasing an additional 130,569 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of IDT by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 117,607 shares of the utilities provider's stock valued at $5,774,000 after purchasing an additional 1,088 shares in the last quarter. Finally, CSM Advisors LLC increased its holdings in shares of IDT by 107.4% during the 4th quarter. CSM Advisors LLC now owns 103,950 shares of the utilities provider's stock valued at $5,321,000 after purchasing an additional 53,835 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

IDT Price Performance

Shares of NYSE:IDT opened at $68.96 on Friday. The business's 50 day moving average price is $63.13 and its 200-day moving average price is $55.40. IDT Corporation has a 1 year low of $45.72 and a 1 year high of $69.80. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 21.09 and a beta of 0.60.

IDT (NYSE:IDT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The utilities provider reported $0.94 EPS for the quarter, topping the consensus estimate of $0.89 by $0.05. IDT had a net margin of 6.41% and a return on equity of 24.36%. The company had revenue of $315.71 million during the quarter, compared to analyst estimates of $308.00 million.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of IDT from a "strong-buy" rating to a "buy" rating in a report on Sunday, May 3rd. Weiss Ratings raised shares of IDT from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, IDT presently has an average rating of "Hold".

Insider Activity

In related news, CFO Marcelo Fischer sold 23,323 shares of the company's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $56.98, for a total transaction of $1,328,944.54. Following the completion of the transaction, the chief financial officer owned 32,824 shares in the company, valued at $1,870,311.52. This represents a 41.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nadine Shea sold 500 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $55.32, for a total transaction of $27,660.00. Following the completion of the transaction, the executive vice president directly owned 8,725 shares in the company, valued at $482,667. This represents a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 25.41% of the stock is owned by corporate insiders.

IDT 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source