Pacific Capital Partners Ltd Makes New Investment in IDT Corporation (NYSE:IDT)

Key Points

• Pacific Capital Partners Ltd invested $1.58 million in IDT Corporation (NYSE:IDT) during the first quarter, making it the fund's 27th largest position.
• IDT recently announced a quarterly dividend of $0.06 per share, resulting in an annualized yield of 0.42% and a dividend payout ratio of 6.33%.
• Analysts have downgraded IDT from a "strong-buy" to a "buy" rating, which may reflect changing market sentiments about the company's stock performance.

Pacific Capital Partners Ltd acquired a new stake in shares of IDT Corporation (NYSE:IDT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 30,786 shares of the utilities provider's stock, valued at approximately $1,580,000. IDT makes up 1.0% of Pacific Capital Partners Ltd's investment portfolio, making the stock its 27th biggest position. Pacific Capital Partners Ltd owned about 0.12% of IDT at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in IDT during the fourth quarter worth about $201,000. American Century Companies Inc. grew its holdings in IDT by 1.8% during the fourth quarter. American Century Companies Inc. now owns 46,594 shares of the utilities provider's stock worth $2,214,000 after acquiring an additional 812 shares during the period. Sei Investments Co. acquired a new position in IDT during the fourth quarter worth about $294,000. KLP Kapitalforvaltning AS acquired a new position in IDT during the fourth quarter worth about $475,000. Finally, Vanguard Group Inc. grew its holdings in IDT by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,265,815 shares of the utilities provider's stock worth $60,152,000 after acquiring an additional 4,426 shares during the period. 59.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

IDT Trading Down 1.5%

NYSE:IDT traded down $0.86 during mid-day trading on Friday, reaching $58.05. 125,173 shares of the stock were exchanged, compared to its average volume of 186,238. The business has a fifty day moving average price of $62.81 and a 200 day moving average price of $54.62. The firm has a market capitalization of $1.46 billion, a PE ratio of 15.32 and a beta of 0.74. IDT Corporation has a 1-year low of $33.84 and a 1-year high of $71.12.

IDT (NYSE:IDT - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The utilities provider reported $0.87 earnings per share for the quarter. The firm had revenue of $301.98 million for the quarter. IDT had a return on equity of 26.38% and a net margin of 7.85%.

IDT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Monday, June 9th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. IDT's dividend payout ratio is currently 6.33%.

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.