IDT (NYSE:IDT) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• IDT Corporation experienced a trading volume of 171,712 shares, down 11% from the previous session, with the stock price last recorded at $58.83.
• Wall Street analysts downgraded IDT from a "strong-buy" to a "buy" rating, indicating a shift in market sentiment.
• The company recently announced a quarterly dividend of $0.06 per share, reflecting an annualized dividend of $0.24 and a yield of 0.4%.

IDT Corporation (NYSE:IDT - Get Free Report) shares saw strong trading volume on Tuesday . 171,712 shares traded hands during mid-day trading, a decline of 11% from the previous session's volume of 192,502 shares.The stock last traded at $58.83 and had previously closed at $58.08.

Wall Street Analysts Forecast Growth

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

IDT Stock Up 0.0%

The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 15.91 and a beta of 0.74. The business's 50-day moving average is $62.60 and its two-hundred day moving average is $55.07.

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

IDT Announces Dividend

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

Institutional Investors Weigh In On IDT

A number of hedge funds have recently added to or reduced their stakes in IDT. Vanguard Group Inc. raised its holdings in shares of IDT by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 1,288,634 shares of the utilities provider's stock valued at $66,120,000 after purchasing an additional 22,819 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of IDT by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 514,043 shares of the utilities provider's stock valued at $26,376,000 after purchasing an additional 2,768 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of IDT by 4.4% in the 2nd quarter. Geode Capital Management LLC now owns 460,089 shares of the utilities provider's stock valued at $31,438,000 after purchasing an additional 19,275 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of IDT by 6.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 351,588 shares of the utilities provider's stock valued at $16,707,000 after purchasing an additional 22,528 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of IDT by 32.4% in the 4th quarter. Deutsche Bank AG now owns 330,616 shares of the utilities provider's stock valued at $15,711,000 after purchasing an additional 80,817 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

IDT Company Profile

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.