Tudor Investment Corp ET AL Trims Stake in IDT Corporation $IDT

Key Points

• Tudor Investment Corp cut its stake in IDT by 77.4% in Q3, selling 51,122 shares and leaving it with 14,910 shares worth about $780,000.
• Other institutions made sizable moves—Millennium Management and Marshall Wace notably boosted holdings—leaving institutional investors with roughly 59.3% ownership while insiders own about 25.4%.
• IDT beat Q results (EPS $1.00 vs. $0.90 consensus; revenue $320.5M vs. $302M) and raised its quarterly dividend to $0.07 (annualized $0.28), with a market cap around $1.28 billion.

Tudor Investment Corp ET AL reduced its stake in IDT Corporation (NYSE:IDT - Free Report) by 77.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in IDT. AQR Capital Management LLC boosted its stake in shares of IDT by 40.2% during the first quarter. AQR Capital Management LLC now owns 58,197 shares of the utilities provider's stock valued at $2,986,000 after purchasing an additional 16,678 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of IDT by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,156 shares of the utilities provider's stock worth $470,000 after buying an additional 381 shares during the last quarter. Millennium Management LLC raised its holdings 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 worth $8,406,000 after buying an additional 130,569 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of 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 buying an additional 88,512 shares during the last quarter. Finally, Gabelli Funds LLC purchased a new position in shares of IDT during the second quarter worth $239,000. 59.34% of the stock is currently owned by institutional investors.

Insider Activity at IDT

In other news, CFO Marcelo Fischer sold 920 shares of IDT stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $52.04, for a total transaction of $47,876.80. Following the completion of the sale, the chief financial officer directly owned 55,943 shares in the company, valued at $2,911,273.72. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 25.41% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IDT. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of IDT in a report on Friday, March 27th. Wall Street Zen lowered shares of IDT from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 7th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, IDT currently has a consensus rating of "Hold".

IDT Price Performance

NYSE IDT opened at $51.21 on Wednesday. The firm's fifty day moving average price is $49.27 and its 200 day moving average price is $49.92. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 15.71 and a beta of 0.70. IDT Corporation has a 12 month low of $45.72 and a 12 month high of $71.12.

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

IDT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Thursday, March 19th were issued a dividend of $0.07 per share. This is an increase from IDT's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, March 19th. This represents a $0.28 annualized dividend and a yield of 0.5%. IDT's payout ratio is 8.59%.

IDT Company 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.