Corsair Capital Management L.P. Sells 49,037 Shares of 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 position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 73.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in IAC by 11.4% in the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after buying an additional 557,134 shares in the last quarter. Southeastern Asset Management Inc. TN raised its holdings in IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after purchasing an additional 483,613 shares in the last quarter. Davis Selected Advisers raised its holdings in IAC by 0.8% in the 1st quarter. Davis Selected Advisers now owns 2,657,782 shares of the company's stock worth $122,099,000 after purchasing an additional 22,158 shares in the last quarter. Corvex Management LP raised its holdings in IAC by 61.8% in the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after purchasing an additional 920,875 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its stake in shares of IAC by 5.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,669,665 shares of the company's stock worth $72,029,000 after acquiring an additional 84,121 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on IAC shares. KeyCorp decreased their price target on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Oppenheimer cut their price objective on shares of IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Truist Financial dropped their price target on shares of IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. The Goldman Sachs Group dropped their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Benchmark dropped their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Twelve investment 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Performance

Shares of NASDAQ:IAC traded down $0.12 during trading on Wednesday, hitting $36.47. The company's stock had a trading volume of 288,569 shares, compared to its average volume of 1,100,985. The company has a 50-day moving average of $37.87 and a 200-day moving average of $38.85. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40. 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 firm has a market cap of $2.71 billion, a price-to-earnings ratio of -6.76 and a beta of 1.26.

IAC (NASDAQ:IAC - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping the consensus estimate of ($0.30) by $2.87. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The firm had revenue of $586.93 million for the quarter, compared to analysts' expectations of $601.38 million. During the same quarter in the prior year, the business earned ($1.71) EPS. The business's quarterly revenue was down 7.5% on a year-over-year basis. On average, sell-side analysts expect that IAC Inc. will post 0.43 earnings per share for the current year.

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.