Kahn Brothers Group Inc. Makes New Investment in IDT Corporation $IDT

Kahn Brothers Group Inc. purchased a new stake in shares of IDT Corporation (NYSE:IDT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 372,566 shares of the utilities provider’s stock, valued at approximately $18,292,990,000. IDT accounts for about 36.7% of Kahn Brothers Group Inc.’s investment portfolio, making the stock its 2nd biggest holding.

Other institutional investors also recently modified their holdings of the company. Cooke & Bieler LP acquired a new stake in shares of IDT in the fourth quarter worth $20,030,000. AQR Capital Management LLC raised its holdings in IDT by 40.2% in the 1st quarter. AQR Capital Management LLC now owns 58,197 shares of the utilities provider’s stock worth $2,986,000 after acquiring an additional 16,678 shares during the period. California State Teachers Retirement System raised its holdings in IDT by 27.0% in the 3rd quarter. California State Teachers Retirement System now owns 19,481 shares of the utilities provider’s stock worth $1,019,000 after acquiring an additional 4,136 shares during the period. Tudor Investment Corp ET AL lifted its position in IDT by 9.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 16,274 shares of the utilities provider’s stock worth $833,000 after acquiring an additional 1,364 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in IDT by 447.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 10,080 shares of the utilities provider’s stock worth $516,000 after acquiring an additional 8,240 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

IDT Trading Down 0.2%

Shares of IDT stock opened at $68.96 on Friday. IDT Corporation has a 1 year low of $45.72 and a 1 year high of $69.80. The firm’s fifty day simple moving average is $63.13 and its 200 day simple moving average is $55.40. The firm has a market capitalization of $1.71 billion, a P/E ratio of 21.09 and a beta of 0.60.

IDT (NYSE:IDT) last released its earnings results on Wednesday, June 3rd. The utilities provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.89 by $0.05. The firm had revenue of $315.71 million during the quarter, compared to analysts’ expectations of $308.00 million. IDT had a net margin of 6.41% and a return on equity of 24.36%.

Insider Transactions at IDT

In related news, CFO Marcelo Fischer sold 23,323 shares of IDT stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $56.98, for a total transaction of $1,328,944.54. Following the sale, the chief financial officer directly owned 32,824 shares of the company’s stock, valued at $1,870,311.52. This trade represents a 41.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nadine Shea sold 500 shares of IDT stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $55.32, for a total value of $27,660.00. Following the sale, the executive vice president directly owned 8,725 shares in the company, valued at approximately $482,667. This trade represents a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 25.41% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on IDT. Weiss Ratings upgraded IDT from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 25th. Wall Street Zen downgraded IDT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 3rd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

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.