IDT (NYSE:IDT) Shares Gap Up After Better-Than-Expected Earnings

IDT Corporation (NYSE:IDT)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $50.29, but opened at $52.48. IDT shares last traded at $51.5450, with a volume of 102,534 shares changing hands.

The utilities provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. IDT had a return on equity of 27.03% and a net margin of 6.18%.The firm had revenue of $322.75 million for the quarter, compared to analysts’ expectations of $308.00 million.

IDT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Investors of record on Monday, December 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Monday, December 15th. IDT’s payout ratio is 7.97%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IDT shares. Wall Street Zen raised shares of IDT from a “hold” rating to a “buy” rating in a research note on Saturday, October 11th. Weiss Ratings restated a “hold (c+)” rating on shares of IDT in a report on Monday. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Institutional Investors Weigh In On IDT

Several large investors have recently added to or reduced their stakes in IDT. AlphaQuest LLC increased its holdings in 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 purchasing an additional 1,288 shares during the period. Copeland Capital Management LLC grew its position in shares of IDT by 16.3% during the second quarter. Copeland Capital Management LLC now owns 1,298 shares of the utilities provider’s stock worth $89,000 after buying an additional 182 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of IDT during the third quarter worth approximately $96,000. Entropy Technologies LP purchased a new stake in shares of IDT during the first quarter worth approximately $212,000. Finally, Longboard Asset Management LP acquired a new stake in IDT in the second quarter valued at approximately $217,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

IDT Price Performance

The business’s 50 day moving average is $50.35 and its 200-day moving average is $58.63. The company has a market cap of $1.30 billion, a PE ratio of 17.12 and a beta of 0.77.

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.