Davis Selected Advisers Grows Position in IAC Inc. (NASDAQ:IAC)

Key Points

• Davis Selected Advisers increased its stake in IAC Inc. by 0.8% in the first quarter, holding approximately 3.43% of the company, valued at $122.1 million.
• Several institutional investors have greatly increased their positions in IAC, with Parallel Advisors LLC raising its stake by 1,422% in the first quarter.
• Analysts have recently adjusted their price targets for IAC, with KeyCorp lowering its target from $49 to $45 while maintaining an "overweight" rating.

Davis Selected Advisers lifted its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 0.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,657,782 shares of the company's stock after purchasing an additional 22,158 shares during the period. Davis Selected Advisers owned about 3.43% of IAC worth $122,099,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IAC. Asset Value Investors Ltd bought a new stake in IAC in the 4th quarter valued at about $39,872,000. Corvex Management LP raised its stake in IAC by 61.8% in the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock valued at $103,983,000 after acquiring an additional 920,875 shares during the period. Southeastern Asset Management Inc. TN raised its stake in IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock valued at $118,719,000 after acquiring an additional 483,613 shares during the period. Brown Advisory Inc. raised its stake in IAC by 87.9% in the 4th quarter. Brown Advisory Inc. now owns 764,187 shares of the company's stock valued at $32,967,000 after acquiring an additional 357,442 shares during the period. Finally, Millennium Management LLC raised its stake in IAC by 1,666.9% in the 4th quarter. Millennium Management LLC now owns 249,603 shares of the company's stock valued at $10,768,000 after acquiring an additional 235,476 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded IAC from a "sell" rating to a "hold" rating in a research note on Saturday. Barclays reduced their target price on IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Truist Financial reduced their target price on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Citigroup reduced their target price on IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Price Performance

IAC stock traded down $0.82 during midday trading on Friday, reaching $34.17. The company had a trading volume of 1,591,347 shares, compared to its average volume of 1,298,132. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.70. IAC Inc. has a 1 year low of $32.04 and a 1 year high of $55.40. The company has a market capitalization of $2.54 billion, a P/E ratio of -6.34 and a beta of 1.23. The firm has a 50-day moving average price of $38.20 and a 200-day moving average price of $39.71.

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 analysts' consensus estimates of ($0.30) by $2.87. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. During the same quarter in the previous year, the company earned ($1.71) EPS. The business's quarterly revenue was down 7.5% compared to the same quarter last year. On average, research analysts anticipate that IAC Inc. will post 0.43 earnings per share 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.