Principal Financial Group Inc. Sells 1,712 Shares of IDT Co. (NYSE:IDT)

Principal Financial Group Inc. cut its position in IDT Co. (NYSE:IDT) by 23.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,620 shares of the utilities provider’s stock after selling 1,712 shares during the period. Principal Financial Group Inc.’s holdings in IDT were worth $215,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. New York State Teachers Retirement System purchased a new stake in shares of IDT in the third quarter worth approximately $54,000. Point72 Asset Management L.P. lifted its position in shares of IDT by 176.9% during the second quarter. Point72 Asset Management L.P. now owns 3,600 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 2,300 shares in the last quarter. Versor Investments LP purchased a new position in IDT during the third quarter worth about $213,000. XTX Topco Ltd bought a new stake in IDT in the 2nd quarter worth about $203,000. Finally, SG Americas Securities LLC purchased a new stake in IDT in the 3rd quarter valued at about $265,000. Institutional investors own 59.34% of the company’s stock.

Insider Activity at IDT

In other IDT news, CFO Marcelo Fischer sold 600 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $48.57, for a total value of $29,142.00. Following the sale, the chief financial officer now owns 37,573 shares of the company’s stock, valued at $1,824,920.61. This trade represents a 1.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Bill Pereira sold 29,175 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $47.24, for a total transaction of $1,378,227.00. Following the transaction, the chief operating officer now directly owns 40,000 shares in the company, valued at approximately $1,889,600. The trade was a 42.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,698 shares of company stock valued at $2,492,643. Corporate insiders own 25.32% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded IDT from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 1st.

IDT Trading Down 1.8 %

Shares of IDT stock opened at $46.90 on Tuesday. IDT Co. has a 12 month low of $32.08 and a 12 month high of $58.77. The stock has a market capitalization of $1.18 billion, a P/E ratio of 16.06 and a beta of 0.81. The firm’s 50 day moving average is $49.45 and its 200 day moving average is $42.35.

IDT (NYSE:IDT) last posted its earnings results on Tuesday, October 8th. The utilities provider reported $0.51 earnings per share (EPS) for the quarter. IDT had a net margin of 6.10% and a return on equity of 22.18%. The business had revenue of $308.83 million for the quarter.

IDT Cuts Dividend

The company also recently announced a dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 24th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a yield of 0.42%. IDT’s dividend payout ratio is presently 6.85%.

About IDT

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.