Burgundy Asset Management Ltd. Invests $66.56 Million in IAC Inc. $IAC

Key Points

• Burgundy Asset Management Ltd. has acquired a new stake in IAC Inc., purchasing approximately 1.45 million shares for around $66.6 million, bringing its total ownership to about 1.96% as of the last quarter.
• Institutional investors now own 88.90% of IAC's stock, with several hedge funds significantly increasing their holdings in the company.
• Despite recent challenges, IAC reported an earnings per share of $2.57 for the last quarter, exceeding analysts' expectations, although its revenue fell by 7.5% compared to the prior year.

Burgundy Asset Management Ltd. acquired a new position in IAC Inc. (NASDAQ:IAC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,448,753 shares of the company's stock, valued at approximately $66,556,000. Burgundy Asset Management Ltd. owned about 1.96% of IAC at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of IAC by 11.4% in the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after buying an additional 557,134 shares during the last quarter. Southeastern Asset Management Inc. TN lifted its stake in shares of IAC by 21.3% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after buying an additional 483,613 shares during the last quarter. Davis Selected Advisers lifted its stake in shares of IAC by 0.8% in the first quarter. Davis Selected Advisers now owns 2,657,782 shares of the company's stock worth $122,099,000 after buying an additional 22,158 shares during the last quarter. Corvex Management LP lifted its stake in shares of IAC by 61.8% in the fourth quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after buying an additional 920,875 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of IAC by 5.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,669,665 shares of the company's stock worth $72,029,000 after buying an additional 84,121 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IAC has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Oppenheimer cut their target price on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Truist Financial cut their target price on shares of IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Piper Sandler cut their target price on shares of IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Finally, KeyCorp cut their target price on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, IAC has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Performance

IAC stock traded up $0.35 on Tuesday, hitting $35.59. The company's stock had a trading volume of 1,140,982 shares, compared to its average volume of 1,549,014. The firm has a market cap of $2.65 billion, a P/E ratio of -6.60 and a beta of 1.23. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average price of $38.01 and a 200-day moving average price of $39.34. IAC Inc. has a one year low of $32.04 and a one year high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last announced 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 firm 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 business's revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.71) EPS. On average, equities analysts anticipate that IAC Inc. will post 0.43 earnings per share for the current year.

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.