Magnetar Financial LLC Invests $601,000 in IDT Co. (NYSE:IDT)

Magnetar Financial LLC acquired a new position in shares of IDT Co. (NYSE:IDT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,642 shares of the utilities provider’s stock, valued at approximately $601,000.

A number of other hedge funds also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in shares of IDT by 8.5% during the fourth quarter. Principal Financial Group Inc. now owns 6,097 shares of the utilities provider’s stock worth $290,000 after acquiring an additional 477 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of IDT by 26.0% during the fourth quarter. New York State Common Retirement Fund now owns 5,329 shares of the utilities provider’s stock worth $253,000 after acquiring an additional 1,100 shares during the last quarter. Martingale Asset Management L P increased its holdings in IDT by 6.6% in the third quarter. Martingale Asset Management L P now owns 20,396 shares of the utilities provider’s stock worth $779,000 after purchasing an additional 1,264 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in IDT by 15.7% in the third quarter. BNP Paribas Financial Markets now owns 11,376 shares of the utilities provider’s stock worth $434,000 after purchasing an additional 1,547 shares in the last quarter. Finally, State Street Corp increased its holdings in IDT by 0.5% in the third quarter. State Street Corp now owns 390,145 shares of the utilities provider’s stock worth $14,911,000 after purchasing an additional 2,071 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded IDT from a “buy” rating to a “strong-buy” rating in a report on Tuesday.

Insider Activity

In other news, CTO David Wartell sold 17,116 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $47.11, for a total transaction of $806,334.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 25.32% of the company’s stock.

IDT Stock Performance

Shares of IDT stock opened at $50.60 on Friday. The company has a market cap of $1.28 billion, a P/E ratio of 17.33 and a beta of 0.84. The stock has a 50 day simple moving average of $48.29 and a two-hundred day simple moving average of $46.67. IDT Co. has a fifty-two week low of $33.84 and a fifty-two week high of $58.77.

IDT (NYSE:IDT) last issued its earnings results on Thursday, March 6th. The utilities provider reported $0.81 earnings per share for the quarter. The business had revenue of $303.35 million during the quarter. IDT had a return on equity of 22.18% and a net margin of 6.10%.

IDT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 17th will be issued a dividend of $0.06 per share. This is an increase from IDT’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.24 annualized dividend and a dividend yield of 0.47%. IDT’s payout ratio is currently 7.62%.

IDT 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.