Corsair Capital Management L.P. Lowers Holdings in IAC Inc. $IAC

Key Points

• Corsair Capital Management L.P. reduced its stake in IAC Inc. by 73.9%, selling 49,037 shares and maintaining just 17,323 shares worth approximately $796,000.
• Several other hedge funds significantly increased their holdings in IAC, with TD Private Client Wealth LLC boosting its stake by 282.2%.
• IAC reported earnings of $2.57 EPS for the last quarter, surpassing estimates, but its revenue decreased 7.5% year-over-year to $586.93 million.

Corsair Capital Management L.P. lowered its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 73.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,323 shares of the company's stock after selling 49,037 shares during the period. Corsair Capital Management L.P.'s holdings in IAC were worth $796,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of IAC. TD Private Client Wealth LLC lifted its holdings in IAC by 282.2% during the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock worth $27,000 after buying an additional 429 shares during the period. Parallel Advisors LLC lifted its holdings in IAC by 1,422.0% during the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock worth $29,000 after buying an additional 583 shares during the period. Fifth Third Bancorp lifted its holdings in IAC by 426.1% during the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock worth $29,000 after buying an additional 507 shares during the period. Versant Capital Management Inc lifted its holdings in IAC by 118.6% during the first quarter. Versant Capital Management Inc now owns 680 shares of the company's stock worth $31,000 after buying an additional 369 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in IAC by 219.4% during the first quarter. GAMMA Investing LLC now owns 757 shares of the company's stock worth $35,000 after buying an additional 520 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

IAC Price Performance

NASDAQ IAC opened at $36.71 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87. The stock's fifty day moving average price is $37.89 and its 200 day moving average price is $39.07. IAC Inc. has a 1 year low of $32.04 and a 1 year high of $55.40. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -6.81 and a beta of 1.23.

IAC (NASDAQ:IAC - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $2.87. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The firm had revenue of $586.93 million for the quarter, compared to the consensus estimate of $601.38 million. During the same period in the prior year, the firm earned ($1.71) EPS. The firm's revenue was down 7.5% on a year-over-year basis. As a group, equities research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wall Street Zen upgraded IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler lowered their target price on IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. JMP Securities reduced their price target on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a research report on Tuesday, June 10th. The Goldman Sachs Group reduced their price target on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Barclays reduced their price target on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.92.

IAC 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.

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