PNC Financial Services Group Inc. Has $292,000 Stock Holdings in IAC Inc. (NASDAQ:IAC)

PNC Financial Services Group Inc. lifted its holdings in IAC Inc. (NASDAQ:IAC) by 148.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,353 shares of the company’s stock after acquiring an additional 3,791 shares during the quarter. PNC Financial Services Group Inc.’s holdings in IAC were worth $292,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of IAC. Southeastern Asset Management Inc. TN raised its holdings in shares of IAC by 21.3% during the fourth 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 in the last quarter. Corvex Management LP raised its holdings in shares of IAC by 61.8% during the fourth quarter. Corvex Management LP now owns 2,410,370 shares of the company’s stock worth $103,983,000 after acquiring an additional 920,875 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its holdings in shares of IAC by 5.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,669,665 shares of the company’s stock worth $72,029,000 after acquiring an additional 84,121 shares in the last quarter. Asset Value Investors Ltd raised its holdings in shares of IAC by 9.4% during the first quarter. Asset Value Investors Ltd now owns 1,011,350 shares of the company’s stock worth $46,461,000 after acquiring an additional 87,100 shares in the last quarter. Finally, Whitebox Advisors LLC raised its holdings in shares of IAC by 12.7% during the fourth quarter. Whitebox Advisors LLC now owns 939,259 shares of the company’s stock worth $40,520,000 after acquiring an additional 106,000 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. UBS Group increased their price objective on IAC from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Wednesday, August 6th. Wall Street Zen upgraded IAC from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. JPMorgan Chase & Co. cut their target price on IAC from $60.00 to $45.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. KeyCorp cut their target price on IAC from $49.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, August 6th. Finally, Barclays cut their target price on IAC from $61.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.92.

IAC Trading Up 0.9%

Shares of NASDAQ:IAC opened at $35.46 on Friday. The company has a market cap of $2.64 billion, a P/E ratio of -6.58 and a beta of 1.23. The stock’s 50-day moving average is $38.07 and its 200-day moving average is $39.44. IAC Inc. has a 52-week low of $32.04 and a 52-week high of $55.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.87 and a current ratio of 2.87.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Monday, August 4th. The company reported $2.57 earnings per share (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 the consensus estimate of $601.38 million. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%. The firm’s revenue was down 7.5% compared to the same quarter last year. During the same period last year, the business posted ($1.71) earnings per share. Equities research analysts predict that IAC Inc. will post 0.43 earnings per share for the current year.

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.