IDT (NYSE:IDT) Shares Gap Down Following Weak Earnings

Key Points

• IDT Corporation's shares dropped significantly, opening at $59.94 after a previous close of $64.03, following a disappointing earnings report.
• The company reported $0.76 EPS, missing analysts' expectations of $0.91 EPS, but achieved a revenue of $316.60 million which was above the forecast of $310.00 million.
• IDT has announced a quarterly dividend of $0.06 per share, with a payout ratio of 6.33% and is set to pay on October 10th to investors of record as of September 30th.

IDT Corporation (NYSE:IDT - Get Free Report) shares gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $64.03, but opened at $59.94. IDT shares last traded at $54.14, with a volume of 61,522 shares trading hands.

The utilities provider reported $0.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.15). IDT had a return on equity of 26.38% and a net margin of 7.85%.The firm had revenue of $316.60 million for the quarter, compared to analyst estimates of $310.00 million.

IDT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.4%. IDT's payout ratio is 6.33%.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On IDT

Large investors have recently bought and sold shares of the stock. Copeland Capital Management LLC bought a new position in shares of IDT during the 1st quarter worth about $57,000. AlphaQuest LLC lifted its position in shares of IDT by 700.0% during the 1st quarter. AlphaQuest LLC now owns 1,472 shares of the utilities provider's stock worth $76,000 after buying an additional 1,288 shares in the last quarter. Longboard Asset Management LP purchased a new position in shares of IDT in the 2nd quarter worth approximately $217,000. Gabelli Funds LLC bought a new position in shares of IDT in the second quarter valued at approximately $239,000. Finally, Entropy Technologies LP purchased a new stake in shares of IDT during the 1st quarter valued at $212,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

IDT Price Performance

The firm has a market capitalization of $1.38 billion, a P/E ratio of 14.42 and a beta of 0.79. The firm has a fifty day simple moving average of $62.48 and a two-hundred day simple moving average of $59.12.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.