Allspring Global Investments Holdings LLC Boosts Stock Position in IAC Inc. $IAC

Key Points

• Allspring Global Investments Holdings LLC significantly increased its stake in IAC Inc. by 806.7%, owning approximately 511,103 shares worth $19.87 million as of its latest filing.
• Recent analyst upgrades and downgrades include a price target reduction from Benchmark and Piper Sandler, reflecting cautious sentiment, while twelve analysts maintain a "Buy" rating on the stock.
• IAC reported a quarterly EPS of $2.57, surpassing expectations, but its revenue of $586.93 million missed estimates and is down 7.5% year-over-year.

Allspring Global Investments Holdings LLC increased its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 806.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 511,103 shares of the company's stock after purchasing an additional 454,733 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.69% of IAC worth $19,872,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC grew its holdings in IAC by 1.0% in the 1st quarter. Bleakley Financial Group LLC now owns 33,097 shares of the company's stock valued at $1,520,000 after buying an additional 324 shares during the period. GAMMA Investing LLC lifted its stake in shares of IAC by 48.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,124 shares of the company's stock valued at $42,000 after purchasing an additional 367 shares in the last quarter. US Bancorp DE lifted its stake in shares of IAC by 21.9% in the 1st quarter. US Bancorp DE now owns 2,234 shares of the company's stock valued at $103,000 after purchasing an additional 401 shares in the last quarter. TD Private Client Wealth LLC lifted 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 purchasing an additional 429 shares in the last quarter. Finally, Fifth Third Bancorp lifted 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 purchasing an additional 507 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IAC. Benchmark reduced their price objective on IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Piper Sandler reduced their price objective on IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Truist Financial reduced their price objective on IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. KeyCorp reduced their price objective on IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.92.

IAC Stock Performance

IAC stock opened at $32.85 on Friday. The stock's 50 day moving average price is $35.24 and its 200 day moving average price is $36.42. The firm has a market capitalization of $2.44 billion, a PE ratio of -6.09 and a beta of 1.23. 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 Inc. has a one year low of $32.04 and a one year high of $55.16.

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

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