IDT Corporation (NYSE:IDT) Short Interest Down 24.0% in December

IDT Corporation (NYSE:IDT) was the target of a significant drop in short interest in 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 trading volume, of 221,936 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.8% of the company’s stock are sold short. Currently, 1.8% of the company’s stock are sold short. Based on an average daily trading volume, of 221,936 shares, the days-to-cover ratio is presently 1.5 days.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in 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 reissued a “hold (c+)” rating on shares of IDT in a research report on Monday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, IDT has a consensus rating of “Hold”.

Hedge Funds Weigh In On IDT

A number of hedge funds have recently bought and sold shares of the company. Millennium Management LLC boosted its position in IDT by 392.6% during the 1st quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider’s stock worth $8,406,000 after acquiring an additional 130,569 shares during the period. Marshall Wace LLP lifted its holdings in IDT by 1,436.4% in the second quarter. Marshall Wace LLP now owns 94,674 shares of the utilities provider’s stock worth $6,468,000 after purchasing an additional 88,512 shares during the period. CSM Advisors LLC acquired a new stake in IDT in the second quarter worth about $5,608,000. Acadian Asset Management LLC grew its position in IDT by 172.6% in the 1st quarter. Acadian Asset Management LLC now owns 80,974 shares of the utilities provider’s stock valued at $4,143,000 after buying an additional 51,274 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in IDT by 310.8% during the 2nd quarter. Lazard Asset Management LLC now owns 53,340 shares of the utilities provider’s stock valued at $3,643,000 after buying an additional 40,357 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

IDT Trading Down 0.1%

IDT stock traded down $0.06 during midday trading on Wednesday, hitting $51.28. 92,020 shares of the company’s stock were exchanged, compared to its average volume of 241,254. The firm has a 50 day moving average price of $50.72 and a 200-day moving average price of $57.10. IDT has a 12-month low of $44.76 and a 12-month high of $71.12. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.93 and a beta of 0.77.

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 analysts’ consensus estimates of $0.88 by $0.06. The business had revenue of $322.75 million during the quarter, compared to the consensus estimate of $308.00 million. IDT had a net margin of 6.53% and a return on equity of 27.12%.

IDT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 23rd. Stockholders of record on Monday, December 15th were given 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 payout ratio is presently 7.45%.

About IDT

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.