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

Pinnacle Associates Ltd. decreased its position in IAC Inc. (NASDAQ:IAC) by 15.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,716 shares of the company’s stock after selling 22,774 shares during the quarter. Pinnacle Associates Ltd.’s holdings in IAC were worth $4,876,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in shares of IAC in the third quarter valued at about $6,050,000. AlphaQuest LLC increased its position in shares of IAC by 1,127.5% in the third quarter. AlphaQuest LLC now owns 41,257 shares of the company’s stock valued at $1,406,000 after acquiring an additional 37,896 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of IAC by 8.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 504,604 shares of the company’s stock valued at $17,192,000 after purchasing an additional 40,468 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of IAC during the 3rd quarter valued at about $875,000. Finally, Highbridge Capital Management LLC boosted its stake in shares of IAC by 68.9% during the 3rd quarter. Highbridge Capital Management LLC now owns 484,325 shares of the company’s stock valued at $16,501,000 after purchasing an additional 197,590 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

IAC Trading Down 0.3%

NASDAQ:IAC opened at $39.88 on Friday. IAC Inc. has a one year low of $29.56 and a one year high of $45.82. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.69 and a quick ratio of 3.69. The company’s 50-day simple moving average is $40.78 and its 200 day simple moving average is $38.10. The firm has a market capitalization of $2.74 billion, a P/E ratio of 107.79 and a beta of 1.03.

Analyst Upgrades and Downgrades

IAC has been the topic of a number of research reports. Wall Street Zen lowered shares of IAC from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Benchmark lifted their target price on shares of IAC from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Needham & Company LLC set a $57.00 target price on shares of IAC in a research note on Tuesday, March 3rd. KeyCorp lifted their target price on shares of IAC from $41.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings raised shares of IAC from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, May 6th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.14.

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.