In a recent transaction, Nadine Shea, the Executive Vice President of Global Human Resources at IDT Corp (NYSE:IDT), sold 500 shares of the company's Class B common stock. The shares were sold at a price of $36.21 each, totaling over $18,000.
The transaction, which took place on July 2, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the sale, Shea still owns 5,775 shares of Class B common stock directly, as indicated by the vesting of deferred stock units (DSUs). Additionally, Shea has an indirect ownership of 2,546 shares through a 401(k) plan, as of June 28, 2024.
IDT Corp, a Delaware-incorporated company with headquarters in Newark, New Jersey, operates in the telecommunications industry. The company's business phone number is listed as 973 438 1000, and its business and mailing address is 520 Broad Street, Newark, NJ 07102.
The sale was signed off by Joyce J. Mason by Power of Attorney, as noted in the filing dated July 3, 2024. The details of the transaction provide investors with insight into the executive's stock holdings and recent market activity related to IDT Corp's shares.
In other recent news, IDT Corporation reported impressive Q3 FY2024 results, showing strong growth in their high-margin businesses. The company's consolidated gross margin improved by 310 basis points, with National Retail Solutions (NRS), net2phone, and BOSS Money services all experiencing substantial growth. NRS has become the country's largest POS network for C-stores, boasting over 30,000 active terminals, while net2phone's adjusted EBITDA doubled year-over-year.
BOSS Money marked its first adjusted EBITDA positive quarter, with transaction volumes doubling over the past eight quarters. Despite facing a market decline in paid minute communications, IDT expects continued improvement in its digital payments business. The company is taking steps to enhance its traditional communications segment, with CFO Marcelo Fischer indicating that cost-cutting initiatives should yield more evident savings in Q4 and beyond.
In other recent developments, the company is focusing on sustainable profitable growth and aims to deliver stronger total bottom line results. IDT is also committed to increasing shareholder value through stock repurchases and quarterly dividends. Despite one-time compensatory arrangements causing an increase in SG&A expenses, the company's focus on customer acquisition, service, and operational efficiencies positions it well for future quarters.
InvestingPro Insights
Amidst the latest news of executive stock transactions at IDT Corp, investors may find it useful to consider the company's financial standing and performance metrics. According to recent data from InvestingPro, IDT Corp holds a market capitalization of approximately $911.95 million. The company's Price to Earnings (P/E) ratio stands at 25.7, with an adjusted P/E ratio for the last twelve months as of Q3 2024 at a slightly lower 22.5. This may indicate a potentially favorable earnings perspective relative to the company's share price.
For those interested in the company's profitability and financial health, IDT Corp has been profitable over the last twelve months. This is coupled with strong historical performance, as the company has provided a high return over the last decade and a strong return over the last five years, according to InvestingPro Tips. Moreover, IDT's liquid assets exceed its short-term obligations, and it holds more cash than debt on its balance sheet, suggesting a solid liquidity position.
Investors tracking dividend returns will note that IDT Corp's dividend yield as of mid-2024 stands at 0.55%, with the last dividend's ex-date being June 10, 2024. For those looking to delve deeper into IDT Corp's financials and strategic outlook, additional InvestingPro Tips are available, providing a comprehensive analysis of the company's performance and potential investment opportunities. There are five more InvestingPro Tips listed for IDT Corp, which can be accessed through InvestingPro. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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