Tudor Investment Corp ET AL Sells 51,122 Shares of IDT Corporation $IDT

Key Points

• Tudor Investment Corp cut its stake in IDT by 77.4% in Q3, selling 51,122 shares and now holds 14,910 shares worth about $780,000.
• IDT beat quarterly estimates with $1.00 EPS vs. $0.90 expected and $320.52M revenue vs. $302M expected, and raised its quarterly dividend to $0.07 (annualized $0.28, ~0.6% yield).
• CFO Marcelo Fischer sold 7,009 shares and insiders now own 25.41% of the stock while institutional ownership is 59.34%, with several funds (e.g., Millennium, Marshall Wace, Quantbot) materially increasing positions.

Tudor Investment Corp ET AL decreased its stake in shares of IDT Corporation (NYSE:IDT - Free Report) by 77.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 14,910 shares of the utilities provider's stock after selling 51,122 shares during the period. Tudor Investment Corp ET AL owned 0.06% of IDT worth $780,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Quantbot Technologies LP grew its holdings in IDT by 206.3% during the 2nd quarter. Quantbot Technologies LP now owns 23,760 shares of the utilities provider's stock valued at $1,623,000 after buying an additional 16,003 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of IDT by 14.0% in the second quarter. Rhumbline Advisers now owns 29,925 shares of the utilities provider's stock worth $2,045,000 after buying an additional 3,685 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of IDT in the third quarter valued at approximately $399,000. Millennium Management LLC boosted its position in shares of IDT by 392.6% in the first quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider's stock valued at $8,406,000 after acquiring an additional 130,569 shares during the period. Finally, Marshall Wace LLP grew its stake in IDT by 1,436.4% during the second quarter. Marshall Wace LLP now owns 94,674 shares of the utilities provider's stock valued at $6,468,000 after acquiring an additional 88,512 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

IDT Stock Up 3.3%

IDT opened at $48.98 on Tuesday. The stock has a market cap of $1.23 billion, a PE ratio of 15.02 and a beta of 0.76. IDT Corporation has a 52 week low of $45.35 and a 52 week high of $71.12. The business's fifty day simple moving average is $49.06 and its 200 day simple moving average is $51.16.

IDT (NYSE:IDT - Get Free Report) last released its quarterly earnings results on Tuesday, March 10th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.90 by $0.10. IDT had a return on equity of 25.97% and a net margin of 6.49%.The business had revenue of $320.52 million for the quarter, compared to the consensus estimate of $302.00 million.

IDT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Thursday, March 19th will be paid a $0.07 dividend. This is an increase from IDT's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, March 19th. IDT's payout ratio is currently 8.59%.

Insider Buying and Selling

In other IDT news, CFO Marcelo Fischer sold 7,009 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $52.03, for a total transaction of $364,678.27. Following the transaction, the chief financial officer directly owned 56,863 shares in the company, valued at $2,958,581.89. This trade represents a 10.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 8,570 shares of company stock worth $446,073 in the last quarter. 25.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on IDT. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of IDT in a report on Friday. Wall Street Zen downgraded shares of IDT from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 7th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, IDT currently has an average rating of "Hold".

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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