IDT Corporation (NYSE:IDT) Sees Large Drop in Short Interest

IDT Corporation (NYSE:IDT) was the target of a significant drop in short interest in the month of December. As of December 15th, there was short interest totaling 342,154 shares, a drop of 24.0% from the November 30th total of 449,941 shares. Based on an average daily volume of 221,936 shares, the short-interest ratio is currently 1.5 days. Currently, 1.8% of the company’s shares are sold short. Currently, 1.8% of the company’s shares are sold short. Based on an average daily volume of 221,936 shares, the short-interest ratio is currently 1.5 days.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded IDT from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IDT in a research note on Monday. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

IDT Stock Down 0.8%

NYSE IDT traded down $0.41 on Tuesday, reaching $51.39. The company had a trading volume of 100,880 shares, compared to its average volume of 241,627. The company’s fifty day moving average is $50.69 and its 200 day moving average is $57.14. The stock has a market capitalization of $1.29 billion, a P/E ratio of 15.96 and a beta of 0.77. IDT has a 52-week low of $44.76 and a 52-week high of $71.12.

IDT (NYSE:IDT) last released its quarterly earnings results on Thursday, December 4th. The utilities provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. IDT had a net margin of 6.53% and a return on equity of 27.12%. The business had revenue of $322.75 million for the quarter, compared to analysts’ expectations of $308.00 million.

IDT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 23rd. Stockholders of record on Monday, December 15th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. IDT’s dividend payout ratio is currently 7.45%.

Institutional Trading of IDT

A number of hedge funds have recently bought and sold shares of IDT. Copeland Capital Management LLC grew its stake in IDT by 16.3% in the 2nd quarter. Copeland Capital Management LLC now owns 1,298 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 182 shares during the period. Rhumbline Advisers grew its position in shares of IDT by 1.2% during the 1st 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of IDT by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,156 shares of the utilities provider’s stock worth $470,000 after purchasing an additional 381 shares during the last quarter. Strs Ohio increased its stake in shares of IDT by 5.9% during the 3rd quarter. Strs Ohio now owns 10,700 shares of the utilities provider’s stock worth $560,000 after purchasing an additional 600 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of IDT by 3.5% in the 1st quarter. Invesco Ltd. now owns 29,615 shares of the utilities provider’s stock worth $1,520,000 after purchasing an additional 988 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.