IDT (NYSE:IDT) Shares Gap Up on Earnings Beat

IDT Corporation (NYSE:IDT)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. 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 trading hands.

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

IDT Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IDT in a research report on Monday. Wall Street Zen upgraded IDT from a “hold” rating to a “buy” rating in a research note on Saturday, October 11th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold”.

Hedge Funds Weigh In On IDT

Several hedge funds and other institutional investors have recently modified their holdings of IDT. Copeland Capital Management LLC grew its position in shares of IDT by 16.3% in the second quarter. Copeland Capital Management LLC now owns 1,298 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 182 shares in the last quarter. AlphaQuest LLC lifted its position in IDT by 700.0% during the first quarter. AlphaQuest LLC now owns 1,472 shares of the utilities provider’s stock worth $76,000 after buying an additional 1,288 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in IDT during the third quarter worth $96,000. Longboard Asset Management LP purchased a new stake in IDT in the 2nd quarter valued at $217,000. Finally, Gabelli Funds LLC acquired a new stake in shares of IDT in the 2nd quarter worth $239,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

IDT Trading Up 2.5%

The firm has a fifty day moving average price of $50.35 and a 200 day moving average price of $58.63. The firm has a market cap of $1.30 billion, a PE ratio of 17.12 and a beta of 0.77.

IDT Company Profile

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.