Allen Holding Inc. NY trimmed its stake in shares of IAC Inc. (NASDAQ:IAC – Free Report) by 22.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 578,100 shares of the company’s stock after selling 171,900 shares during the quarter. IAC comprises approximately 3.6% of Allen Holding Inc. NY’s investment portfolio, making the stock its 5th biggest position. Allen Holding Inc. NY owned about 0.72% of IAC worth $28,162,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new stake in IAC in the 4th quarter valued at $39,426,000. Teachers Retirement System of The State of Kentucky raised its stake in IAC by 12.6% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 219,224 shares of the company’s stock worth $11,483,000 after purchasing an additional 24,589 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of IAC during the 1st quarter worth approximately $575,000. Patient Capital Management LLC increased its holdings in shares of IAC by 7.7% during the fourth quarter. Patient Capital Management LLC now owns 1,366,938 shares of the company’s stock worth $71,600,000 after purchasing an additional 97,938 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of IAC in the second quarter valued at approximately $1,649,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.
IAC Trading Up 1.8 %
Shares of IAC stock opened at $52.24 on Friday. IAC Inc. has a 12-month low of $41.39 and a 12-month high of $58.29. The firm’s 50 day moving average is $50.48 and its 200 day moving average is $50.65. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $4.20 billion, a P/E ratio of -33.06 and a beta of 1.32.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on IAC. StockNews.com downgraded shares of IAC from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. JMP Securities initiated coverage on shares of IAC in a research report on Tuesday, July 9th. They set an “outperform” rating and a $78.00 price objective for the company. Citigroup reduced their target price on IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. KeyCorp lowered their price target on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Barclays reduced their price objective on IAC from $73.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.40.
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.
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