Pallas Capital Advisors LLC Reduces Holdings in IAC Inc. $IAC

Key Points

• Pallas Capital Advisors LLC has significantly reduced its stake in IAC Inc. by 59.9%, now holding 7,893 shares valued at $295,000 after selling 11,785 shares.
• Several hedge funds are active in the IAC market, with new stakes and increases in holdings totaling a significant portion of the company's stock currently owned by institutions.
• Analysts have varied target prices for IAC, with recent estimates ranging from $39.00 to $61.00, reflecting differing outlooks and a consensus rating of "Moderate Buy."

Pallas Capital Advisors LLC trimmed its position in IAC Inc. (NASDAQ:IAC - Free Report) by 59.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,893 shares of the company's stock after selling 11,785 shares during the quarter. Pallas Capital Advisors LLC's holdings in IAC were worth $295,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC raised its stake in shares of IAC by 282.2% in the 1st 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 raised its stake in shares of IAC by 1,422.0% in the 1st 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 raised its stake in shares of 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 acquiring an additional 507 shares during the period. Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 369 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of IAC by 219.4% in the 1st quarter. GAMMA Investing LLC now owns 757 shares of the company's stock valued at $35,000 after acquiring an additional 520 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

IAC Trading Down 2.7%

Shares of IAC traded down $0.98 during midday trading on Monday, reaching $35.25. The stock had a trading volume of 1,867,439 shares, compared to its average volume of 1,178,552. IAC Inc. has a 1-year low of $32.04 and a 1-year high of $55.40. The company's fifty day simple moving average is $37.30 and its two-hundred day simple moving average is $37.96. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on IAC shares. Benchmark reduced their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. KeyCorp cut their target price on shares of IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. UBS Group upped their target price on shares of IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, JMP Securities cut their target price on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a research note on Tuesday, June 10th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.92.

About IAC

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.