Pinnacle Associates Ltd. Trims Stock Holdings in IAC Inc. $IAC

Pinnacle Associates Ltd. lowered its holdings in IAC Inc. (NASDAQ:IAC) by 9.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,490 shares of the company’s stock after selling 14,510 shares during the period. Pinnacle Associates Ltd. owned approximately 0.21% of IAC worth $5,025,000 at the end of the most recent quarter.

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

IAC Price Performance

Shares of NASDAQ IAC opened at $37.36 on Tuesday. The stock’s 50-day simple moving average is $37.80 and its two-hundred day simple moving average is $36.18. IAC Inc. has a twelve month low of $29.56 and a twelve month high of $50.49. The firm has a market capitalization of $2.66 billion, a P/E ratio of -28.09 and a beta of 1.09. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported ($0.99) earnings per share (EPS) 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 business had revenue of $645.98 million for the quarter, compared to the consensus estimate of $641.01 million. During the same quarter last year, the business posted ($2.39) EPS. The business’s revenue was down 34.7% compared to the same quarter last year. As a group, equities analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IAC. Citigroup raised their target price on IAC from $38.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Wall Street Zen raised shares of IAC from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Oppenheimer lowered shares of IAC from an “outperform” rating to a “market perform” rating in a research report on Monday, December 15th. Jefferies Financial Group boosted their price objective on shares of IAC from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Needham & Company LLC set a $57.00 target price on shares of IAC in a report on Tuesday, March 3rd. Ten investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.62.

IAC Profile

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.