IAC Inc. (NASDAQ:IAC) Shares Sold by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. has decreased its stake in IAC Inc. by 26.6%, selling 25,879 shares during the first quarter, leaving it with a total of 71,372 shares valued at approximately $3.28 million.
• Institutional investors now own 88.90% of IAC's stock, reflecting interest from various firms, including Bleakley Financial Group and Versant Capital Management.
• Recent research reports from firms like Barclays and Goldman Sachs have adjusted their price targets for IAC, indicating a range of rating changes from "buy" to "neutral" amid an average price target of $54.08 for the stock.

Levin Capital Strategies L.P. reduced its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 26.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 71,372 shares of the company's stock after selling 25,879 shares during the period. Levin Capital Strategies L.P. owned 0.09% of IAC worth $3,279,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd boosted its holdings in shares of IAC by 287.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock valued at $27,000 after acquiring an additional 457 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after acquiring an additional 429 shares during the period. Parallel Advisors LLC boosted its holdings in shares of IAC by 1,422.0% in the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock valued at $29,000 after acquiring an additional 583 shares during the period. Fifth Third Bancorp grew its position in IAC by 426.1% in the 1st quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after buying an additional 507 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in IAC by 118.6% in the 1st quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after buying an additional 369 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Price Performance

IAC stock traded down $0.82 during midday trading on Friday, reaching $34.17. 1,591,347 shares of the company were exchanged, compared to its average volume of 1,298,132. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of -6.34 and a beta of 1.23. The firm's 50-day simple moving average is $38.20 and its 200-day simple moving average is $39.72. IAC Inc. has a 1 year low of $32.04 and a 1 year high of $55.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.70 and a current ratio of 2.87.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $601.38 million. During the same quarter last year, the business posted ($1.71) EPS. The firm's quarterly revenue was down 7.5% compared to the same quarter last year. On average, analysts anticipate that IAC Inc. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

IAC has been the subject of a number of recent analyst reports. KeyCorp reduced their target price on IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday. Citigroup dropped their price target on IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Cowen restated a "buy" rating on shares of IAC in a research report on Monday, May 5th. Truist Financial dropped their price target on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Oppenheimer dropped their price target on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.