Kahn Brothers Group Inc. Purchases Shares of 372,566 IDT Corporation $IDT

Key Points

• Kahn Brothers Group purchased 372,566 IDT shares, valued at approximately $18.3 million, making IDT 36.7% of its portfolio and giving the firm a 1.5% ownership stake.
• Institutional investors own 59.34% of IDT, while several funds—including Millennium Management, Geode Capital and Marshall Wace—recently increased their positions.
• IDT reported quarterly EPS of $0.94, exceeding estimates of $0.89, while revenue of $315.71 million also surpassed expectations. The stock opened at $68.96, near its 52-week high, though analysts maintain an average “Hold” rating.

Kahn Brothers Group Inc. purchased a new stake in shares of IDT Corporation (NYSE:IDT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 372,566 shares of the utilities provider's stock, valued at approximately $18,292,990,000. IDT accounts for about 36.7% of Kahn Brothers Group Inc.'s investment portfolio, making the stock its 2nd biggest position. Kahn Brothers Group Inc. owned 1.50% of IDT as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cooke & Bieler LP acquired a new stake in shares of IDT in the fourth quarter valued at $20,030,000. Millennium Management LLC grew its holdings 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 period. Geode Capital Management LLC raised its position in IDT by 22.1% in the fourth quarter. Geode Capital Management LLC now owns 559,849 shares of the utilities provider's stock worth $28,675,000 after acquiring an additional 101,268 shares in the last quarter. Marshall Wace LLP raised its position in IDT by 1,436.4% in the second quarter. Marshall Wace LLP now owns 94,674 shares of the utilities provider's stock worth $6,468,000 after acquiring an additional 88,512 shares in the last quarter. Finally, CSM Advisors LLC lifted its holdings in IDT by 107.4% in the 4th quarter. CSM Advisors LLC now owns 103,950 shares of the utilities provider's stock valued at $5,321,000 after acquiring an additional 53,835 shares during the last quarter. Institutional investors own 59.34% of the company's stock.

IDT Stock Down 0.2%

IDT opened at $68.96 on Friday. The firm has a market cap of $1.71 billion, a PE ratio of 21.09 and a beta of 0.60. The business has a fifty day simple moving average of $63.13 and a 200-day simple moving average of $55.40. IDT Corporation has a fifty-two week low of $45.72 and a fifty-two week high of $69.80.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on IDT shares. Wall Street Zen lowered shares of IDT from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 3rd. Weiss Ratings upgraded 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 MarketBeat, the stock presently has an average rating of "Hold".

Insider Activity

In other IDT news, EVP Nadine Shea sold 500 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $55.32, for a total transaction of $27,660.00. Following the sale, the executive vice president owned 8,725 shares in the company, valued at approximately $482,667. The trade was a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marcelo Fischer sold 23,323 shares of the firm'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 completion of the transaction, the chief financial officer owned 32,824 shares of the company's stock, valued at approximately $1,870,311.52. The trade was a 41.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 25.41% of the stock is currently owned by 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.

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