Levin Capital Strategies L.P. Has $3.28 Million Stake in IAC Inc. (NASDAQ:IAC)

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. trimmed its position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 26.6% 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 71,372 shares of the company's stock after selling 25,879 shares during the period. Levin Capital Strategies L.P. owned about 0.09% of IAC worth $3,279,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Asset Value Investors Ltd acquired a new stake in IAC during the fourth quarter worth about $39,872,000. Corvex Management LP lifted its position in IAC by 61.8% in the fourth 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 during the period. Southeastern Asset Management Inc. TN lifted its holdings in shares of IAC by 21.3% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after acquiring an additional 483,613 shares during the period. Brown Advisory Inc. lifted its stake in IAC by 87.9% during the fourth quarter. Brown Advisory Inc. now owns 764,187 shares of the company's stock worth $32,967,000 after purchasing an additional 357,442 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of IAC by 1,666.9% in the 4th quarter. Millennium Management LLC now owns 249,603 shares of the company's stock worth $10,768,000 after buying an additional 235,476 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

IAC Stock Performance

Shares of IAC stock traded down $0.82 during trading on Friday, hitting $34.17. 1,591,347 shares of the stock were exchanged, compared to its average volume of 1,099,899. The company has a fifty day moving average price of $38.23 and a 200-day moving average price of $39.78. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -6.34 and a beta of 1.23. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.29. IAC Inc. has a 1-year low of $32.04 and a 1-year high of $55.40.

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 business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. During the same quarter in the previous year, the company earned ($1.71) EPS. The business's revenue was down 7.5% on a year-over-year basis. As a group, equities analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Citigroup reduced their target price on shares of IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. The Goldman Sachs Group lowered their target price on IAC from $60.00 to $46.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Benchmark lowered their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday. UBS Group upped their price target on IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, IAC presently has an average rating of "Moderate Buy" and an average target price of $47.92.

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.