IDT (NYSE:IDT) Shares Down 5.7% - Here's What Happened

IDT Corporation (NYSE:IDT - Get Free Report) shares fell 5.7% during mid-day trading on Tuesday . The company traded as low as $64.73 and last traded at $64.73. 156,060 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 116,557 shares. The stock had previously closed at $68.66.

Analysts Set New Price Targets

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

IDT Price Performance

The company's 50 day moving average price is $62.44 and its 200 day moving average price is $53.32. The firm has a market cap of $1.60 billion, a PE ratio of 16.77 and a beta of 0.73.

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

IDT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Monday, June 9th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.38%. IDT's dividend payout ratio (DPR) is 6.33%.

Institutional Trading of IDT

Several hedge funds have recently added to or reduced their stakes in the company. Longboard Asset Management LP acquired a new stake in IDT in the second quarter valued at approximately $217,000. Rhumbline Advisers raised its holdings in IDT by 1.2% in the first quarter. Rhumbline Advisers now owns 26,240 shares of the utilities provider's stock valued at $1,346,000 after acquiring an additional 320 shares in the last quarter. Strs Ohio acquired a new stake in IDT in the first quarter valued at approximately $441,000. Acadian Asset Management LLC raised its holdings in IDT by 172.6% in the first quarter. Acadian Asset Management LLC now owns 80,974 shares of the utilities provider's stock valued at $4,143,000 after acquiring an additional 51,274 shares in the last quarter. Finally, Millennium Management LLC raised 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 purchasing an additional 130,569 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

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.