Pinnacle Associates Ltd. Sells 16,621 Shares of Match Group Inc. (NASDAQ:MTCH)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Match Group Inc. by 4.6%, owning 345,727 shares worth approximately $10.8 million at the end of the first quarter.
• CEO Spencer M. Rascoff increased his ownership in Match Group by purchasing 70,885 shares, raising his total stake to 137,478 shares valued at nearly $3.86 million.
• The company recently declared a quarterly dividend of $0.19 per share, translating to an annual dividend yield of 2.20%.

Pinnacle Associates Ltd. cut its stake in Match Group Inc. (NASDAQ:MTCH - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 345,727 shares of the technology company's stock after selling 16,621 shares during the quarter. Pinnacle Associates Ltd. owned 0.14% of Match Group worth $10,787,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of Match Group in the first quarter worth approximately $779,000. Hussman Strategic Advisors Inc. purchased a new position in shares of Match Group in the first quarter worth approximately $983,000. Burns Matteson Capital Management LLC boosted its holdings in shares of Match Group by 5.9% in the first quarter. Burns Matteson Capital Management LLC now owns 11,897 shares of the technology company's stock worth $371,000 after buying an additional 659 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Match Group by 21.0% in the first quarter. Victory Capital Management Inc. now owns 211,966 shares of the technology company's stock worth $6,613,000 after buying an additional 36,739 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of Match Group by 37.7% in the first quarter. Edgestream Partners L.P. now owns 96,199 shares of the technology company's stock worth $3,001,000 after buying an additional 26,317 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Match Group Stock Up 0.2%

Match Group stock traded up $0.06 during mid-day trading on Monday, reaching $34.62. 806,876 shares of the company's stock traded hands, compared to its average volume of 4,694,268. The company has a market cap of $8.67 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.76 and a beta of 1.34. The stock has a 50 day moving average of $31.39 and a two-hundred day moving average of $31.38. Match Group Inc. has a 12-month low of $26.39 and a 12-month high of $38.84.

Match Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Thursday, July 3rd. Match Group's dividend payout ratio (DPR) is 37.62%.

Insiders Place Their Bets

In other news, CEO Spencer M. Rascoff acquired 70,885 shares of the business's stock in a transaction on Friday, May 9th. The shares were acquired at an average price of $28.05 per share, for a total transaction of $1,988,324.25. Following the completion of the transaction, the chief executive officer directly owned 137,478 shares of the company's stock, valued at approximately $3,856,257.90. The trade was a 106.45% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MTCH. Evercore ISI reissued a "cautious" rating and issued a $32.00 price objective on shares of Match Group in a report on Wednesday, May 21st. Barclays dropped their price objective on shares of Match Group from $52.00 to $46.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. UBS Group lifted their price target on shares of Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Bank of America reduced their price objective on shares of Match Group from $36.00 to $33.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Stifel Nicolaus reduced their price objective on shares of Match Group from $35.00 to $29.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $36.16.

Match Group Company Profile

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.