IDT (NYSE:IDT) Shares Gap Down Following Weak Earnings

IDT Corporation (NYSE:IDTGet Free Report) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $64.03, but opened at $59.94. IDT shares last traded at $54.14, with a volume of 61,522 shares.

The utilities provider reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.15). IDT had a return on equity of 27.84% and a net margin of 6.18%.The company had revenue of $316.60 million during the quarter, compared to the consensus estimate of $310.00 million.

IDT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 30th. IDT’s payout ratio is currently 6.33%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut IDT from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 14th.

Check Out Our Latest Stock Analysis on IDT

Institutional Trading of IDT

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in IDT by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 1,288,634 shares of the utilities provider’s stock valued at $66,120,000 after purchasing an additional 22,819 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of IDT by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 514,043 shares of the utilities provider’s stock valued at $26,376,000 after buying an additional 2,768 shares during the period. Geode Capital Management LLC increased its stake in shares of IDT by 4.4% during the second quarter. Geode Capital Management LLC now owns 460,089 shares of the utilities provider’s stock valued at $31,438,000 after buying an additional 19,275 shares during the period. Nuveen LLC bought a new position in shares of IDT during the first quarter valued at approximately $10,409,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in IDT by 9.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 178,265 shares of the utilities provider’s stock worth $9,147,000 after acquiring an additional 15,600 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

IDT Price Performance

The company has a market cap of $1.32 billion, a PE ratio of 17.38 and a beta of 0.79. The business has a 50 day moving average of $62.39 and a 200 day moving average of $59.07.

About IDT

(Get Free Report)

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.

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