Pinnacle Associates Ltd. Sells 72,072 Shares of IAC Inc. (NASDAQ:IAC)

Pinnacle Associates Ltd. decreased its position in shares of IAC Inc. (NASDAQ:IAC) by 32.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,445 shares of the company’s stock after selling 72,072 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.19% of IAC worth $7,985,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Thompson Siegel & Walmsley LLC grew its position in shares of IAC by 5.1% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,633,452 shares of the company’s stock worth $76,527,000 after buying an additional 79,951 shares in the last quarter. Whitebox Advisors LLC grew its position in shares of IAC by 9.5% during the 1st quarter. Whitebox Advisors LLC now owns 1,402,554 shares of the company’s stock worth $74,812,000 after buying an additional 121,664 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of IAC by 113.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock worth $24,891,000 after buying an additional 282,304 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of IAC by 5,474.2% during the 2nd quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock worth $16,090,000 after purchasing an additional 337,268 shares during the last quarter. Finally, DME Capital Management LP purchased a new stake in shares of IAC during the 2nd quarter worth $13,655,000. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on IAC shares. KeyCorp decreased their price objective on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. UBS Group upgraded IAC to a “hold” rating in a research note on Monday. Citigroup decreased their price objective on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Benchmark restated a “buy” rating and set a $110.00 price objective on shares of IAC in a research note on Tuesday, August 27th. Finally, Barclays decreased their price objective on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

IAC Trading Down 0.7 %

Shares of NASDAQ:IAC opened at $51.00 on Thursday. IAC Inc. has a 52-week low of $41.39 and a 52-week high of $58.29. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -32.28 and a beta of 1.32. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $52.34 and a 200-day moving average price of $50.72.

IAC (NASDAQ:IAC) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.39). IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The firm had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $942.77 million. During the same quarter in the previous year, the business earned ($0.76) earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. Equities analysts predict that IAC Inc. will post -0.79 EPS for the current year.

IAC Company Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.