Joyce J. Mason, the Executive Vice President and Corporate Secretary of IDT Corp (NYSE:IDT), has recently sold a portion of her holdings in the company. According to the latest filings, Mason sold 7,570 shares of IDT Corp's Class B Common Stock at a price of $37.2514 per share, totaling over $280,000.
This transaction took place on July 17, 2024, and was disclosed in a filing with the Securities and Exchange Commission on July 19, 2024. Following the sale, Mason's direct ownership in the company includes 12,996 shares held by herself for her son, indicating a continued stake in the company's future.
In addition to the shares sold, the filing also disclosed Mason's indirect ownership through various means. Notably, she holds 4,584 shares by her 401(k) plan, as detailed in a footnote dated June 28, 2024. Furthermore, the disclosure includes 39,403 shares consisting of direct and indirect holdings through vested Deferred Stock Units (DSUs), Restricted Stock, shares purchased through the company's Employee Stock Purchase Program, and direct ownership. Another 14,037 shares are held indirectly by Mason for her husband.
Investors often monitor insider transactions such as these for insights into executive sentiment about the company's prospects. While the reasons behind Mason's sale are not disclosed, such filings provide transparency into the trading activities of company insiders.
IDT Corp, headquartered in Newark, New Jersey, operates in the telecommunications sector, providing various services including voice, video, and data transfer. The company's shares are traded on the New York Stock Exchange under the ticker symbol IDT.
In other recent news, IDT Corporation has reported robust Q3 FY2024 results, with a significant improvement in consolidated gross margin, driven by strong performance in its high growth, high margin businesses. The company's National Retail Solutions (NRS), net2phone, and BOSS Money services have all seen substantial growth, contributing to these positive results. Additionally, progress has been made in the traditional communications segment, particularly in IDT digital payments.
NRS has become the largest POS network for C-stores in the country with over 30,000 active terminals. Net2phone's adjusted EBITDA doubled year-over-year, and the number of seats served increased by 13%. BOSS Money achieved its first adjusted EBITDA positive quarter, with transaction volumes doubling over the past eight quarters.
Despite facing a market decline in paid minute communications, the traditional communications segment is seeing improvements. However, IDT's SG&A expenses were up year-over-year due to one-time compensatory arrangements. Looking forward, CFO Marcelo Fischer stated that cost-cutting initiatives are in place, and savings should be more evident in Q4 and beyond. These are recent developments in the company's operational and financial performance.
InvestingPro Insights
In light of the recent insider transaction by Joyce J. Mason, investors might be keen on understanding the financial stability and performance of IDT Corp. According to InvestingPro data, IDT Corp holds a market capitalization of $942.86 million, indicating its size within the telecommunications sector. Additionally, the company's Price to Earnings (P/E) ratio stands at 26.33, with an adjusted P/E ratio for the last twelve months as of Q3 2024 at 23.26, suggesting how much investors are willing to pay for a dollar of earnings. This is a crucial metric for shareholders to consider when evaluating the company's market value.
InvestingPro Tips point out that IDT Corp has a strong liquidity position, as it holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. Moreover, the company has been profitable over the last twelve months and has shown a high return over the last year, with a 57.29% one-year price total return as of 2024. These aspects of IDT Corp's financial health are particularly relevant for investors in light of insider sales, as they may provide confidence in the company's overall financial stability and growth prospects.
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