Pinnacle Associates Ltd. Lowers Stake in IAC Inc. $IAC

Pinnacle Associates Ltd. reduced its stake in shares of IAC Inc. (NASDAQ:IAC) by 9.0% in the third quarter, HoldingsChannel.com reports. The fund owned 147,490 shares of the company’s stock after selling 14,510 shares during the quarter. Pinnacle Associates Ltd.’s holdings in IAC were worth $5,025,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IAC. Helikon Investments Ltd bought a new position in IAC in the second quarter valued at $76,056,000. JPMorgan Chase & Co. raised its position in IAC by 20.5% during the second quarter. JPMorgan Chase & Co. now owns 6,568,927 shares of the company’s stock valued at $245,284,000 after purchasing an additional 1,117,313 shares in the last quarter. Burgundy Asset Management Ltd. lifted its stake in IAC by 73.8% during the second quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock worth $94,015,000 after purchasing an additional 1,069,044 shares during the last quarter. Norges Bank purchased a new position in shares of IAC in the 2nd quarter worth about $31,025,000. Finally, Patient Capital Management LLC boosted its holdings in shares of IAC by 21.2% in the 3rd quarter. Patient Capital Management LLC now owns 2,108,245 shares of the company’s stock worth $71,828,000 after purchasing an additional 369,239 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Needham & Company LLC set a $57.00 price objective on IAC in a report on Tuesday, March 3rd. UBS Group reaffirmed a “neutral” rating and issued a $42.00 target price on shares of IAC in a research note on Friday, February 6th. Citigroup increased their price target on shares of IAC from $38.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. JPMorgan Chase & Co. lifted their price target on shares of IAC from $43.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Finally, Wall Street Zen upgraded shares of IAC from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Ten research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.62.

IAC Price Performance

IAC opened at $37.36 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.75 and a quick ratio of 2.75. The stock’s 50 day simple moving average is $37.80 and its 200 day simple moving average is $36.18. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -28.09 and a beta of 1.09. IAC Inc. has a 1 year low of $29.56 and a 1 year high of $50.49.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Tuesday, February 3rd. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($1.66). IAC had a negative net margin of 4.35% and a negative return on equity of 2.43%. The company had revenue of $645.98 million for the quarter, compared to analysts’ expectations of $641.01 million. During the same period last year, the company posted ($2.39) EPS. The business’s revenue for the quarter was down 34.7% compared to the same quarter last year. As a group, analysts predict that IAC Inc. will post 0.43 earnings per share for the current year.

About IAC

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data?driven journalism across more than a dozen specialty sites.