Balyasny Asset Management L.P. Invests $1.50 Million in IDT Co. (NYSE:IDT)

Balyasny Asset Management L.P. bought a new position in IDT Co. (NYSE:IDT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 31,468 shares of the utilities provider’s stock, valued at approximately $1,495,000. Balyasny Asset Management L.P. owned approximately 0.12% of IDT as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of IDT by 35.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,438 shares of the utilities provider’s stock worth $116,000 after buying an additional 632 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of IDT in the fourth quarter worth approximately $129,000. New Age Alpha Advisors LLC bought a new position in shares of IDT in the fourth quarter worth approximately $134,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of IDT in the fourth quarter worth approximately $200,000. Finally, Raymond James Financial Inc. bought a new position in shares of IDT in the fourth quarter worth approximately $201,000. Institutional investors own 59.34% of the company’s stock.

IDT Stock Down 0.3%

IDT opened at $57.65 on Wednesday. The firm has a 50 day moving average price of $50.37 and a 200-day moving average price of $49.25. IDT Co. has a twelve month low of $33.84 and a twelve month high of $58.77. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 19.74 and a beta of 0.69.

IDT (NYSE:IDT) last released its quarterly earnings data on Thursday, March 6th. The utilities provider reported $0.81 earnings per share for the quarter. IDT had a net margin of 6.10% and a return on equity of 22.18%. The firm had revenue of $303.35 million during the quarter.

IDT Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 17th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.42%. This is a boost from IDT’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, March 17th. IDT’s payout ratio is presently 7.62%.

Insider Activity

In other news, CTO David Wartell sold 10,735 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $48.99, for a total transaction of $525,907.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 25.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of IDT from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, March 18th.

About IDT

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.