Kahn Brothers Group Inc. Makes New $20.45 Million Investment in IDT Corporation $IDT

Kahn Brothers Group Inc. bought a new position in shares of IDT Corporation (NYSE:IDT) in the second quarter, Holdings Channel.com reports. The fund bought 351,660 shares of the utilities provider’s stock, valued at approximately $20,453,000. IDT makes up approximately 0.0% of Kahn Brothers Group Inc.’s investment portfolio, making the stock its 24th biggest holding.

A number of other hedge funds have also modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in IDT during the third quarter worth about $96,000. Gabelli Funds LLC acquired a new stake in IDT in the 2nd quarter valued at about $239,000. Entropy Technologies LP acquired a new stake in IDT in the 1st quarter valued at about $264,000. State of Tennessee Department of Treasury purchased a new position in IDT in the 4th quarter worth approximately $268,000. Finally, Ameriprise Financial Inc. purchased a new position in IDT in the 3rd quarter worth approximately $399,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

IDT Trading Down 0.2%

IDT stock opened at $68.96 on Friday. The company has a 50-day moving average price of $63.13 and a 200 day moving average price of $55.40. IDT Corporation has a 12-month low of $45.72 and a 12-month high of $69.80. The stock has a market cap of $1.71 billion, a P/E ratio of 21.09 and a beta of 0.60.

IDT (NYSE:IDT) last posted its 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. IDT had a net margin of 6.41% and a return on equity of 24.36%. The company had revenue of $315.71 million for the quarter, compared to analyst estimates of $308.00 million.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other IDT news, EVP Nadine Shea sold 500 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $55.32, for a total transaction of $27,660.00. Following the completion of the sale, the executive vice president owned 8,725 shares of the company’s stock, valued at $482,667. This trade represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marcelo Fischer sold 23,323 shares of IDT stock in a transaction on Friday, June 26th. The shares were sold at an average price of $56.98, for a total value of $1,328,944.54. Following the completion of the sale, the chief financial officer owned 32,824 shares in the company, valued at $1,870,311.52. This represents a 41.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 25.41% 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.