IDT Corporation (NYSE:IDT) Announces $0.07 Quarterly Dividend

IDT Corporation (NYSE:IDT) announced a quarterly dividend on Thursday, May 28th. Investors of record on Tuesday, June 9th will be given a dividend of 0.07 per share by the utilities provider on Thursday, June 18th. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, June 9th.

IDT has a dividend payout ratio of 8.2% indicating that its dividend is sufficiently covered by earnings.

IDT Stock Up 1.0%

NYSE:IDT opened at $56.11 on Friday. The stock has a market cap of $1.41 billion, a P/E ratio of 17.16 and a beta of 0.68. The firm’s fifty day simple moving average is $51.78 and its 200 day simple moving average is $50.57. IDT has a twelve month low of $45.72 and a twelve month high of $71.12.

IDT (NYSE:IDT) last released its quarterly earnings results on Wednesday, June 3rd. The utilities provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.05. The business had revenue of $315.71 million for the quarter, compared to analysts’ expectations of $308.00 million. IDT had a net margin of 6.41% and a return on equity of 25.07%.

Insider Buying and Selling at IDT

In other IDT news, CFO Marcelo Fischer sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $50.50, for a total transaction of $252,500.00. Following the completion of the transaction, the chief financial officer owned 56,147 shares of the company’s stock, valued at approximately $2,835,423.50. This trade represents a 8.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Menachem Ash sold 20,000 shares of the firm’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the executive vice president directly owned 32,243 shares of the company’s stock, valued at $1,644,393. This represents a 38.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 25.41% of the company’s stock.

Hedge Funds Weigh In On IDT

Several institutional investors and hedge funds have recently added to or reduced their stakes in IDT. Cooke & Bieler LP purchased a new position in shares of IDT in the 4th quarter worth about $20,030,000. Millennium Management LLC raised its position in shares of IDT by 392.6% in the 1st quarter. Millennium Management LLC now owns 163,830 shares of the utilities provider’s stock worth $8,406,000 after purchasing an additional 130,569 shares during the last quarter. Geode Capital Management LLC raised its position in shares of IDT by 22.1% in the 4th quarter. Geode Capital Management LLC now owns 559,849 shares of the utilities provider’s stock worth $28,675,000 after purchasing an additional 101,268 shares during the last quarter. Marshall Wace LLP raised its position in shares of IDT by 1,436.4% in the 2nd 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 last quarter. Finally, CSM Advisors LLC raised its position in shares of IDT by 107.4% in the 4th quarter. CSM Advisors LLC now owns 103,950 shares of the utilities provider’s stock worth $5,321,000 after purchasing an additional 53,835 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.