First Manhattan CO. LLC. Has $17.40 Million Holdings in IAC Inc. $IAC

Key Points

• First Manhattan CO. LLC has reduced its stake in IAC Inc. by 3.1%, selling 12,036 shares to hold 378,786 shares total, valued at approximately $17.4 million.
• JPMorgan Chase & Co. and Southeastern Asset Management significantly increased their investments in IAC, with JPMorgan acquiring an additional 557,134 shares during the last quarter.
• IAC reported a quarterly earnings per share of $2.57, exceeding analysts' expectations, although its revenue fell by 7.5% year-over-year to $586.93 million.

First Manhattan CO. LLC. lessened its position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 3.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 378,786 shares of the company's stock after selling 12,036 shares during the period. First Manhattan CO. LLC. owned approximately 0.51% of IAC worth $17,401,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of IAC by 11.4% during the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after acquiring an additional 557,134 shares during the period. Southeastern Asset Management Inc. TN boosted 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 during the period. Davis Selected Advisers boosted its holdings in shares of IAC by 0.8% during the first quarter. Davis Selected Advisers now owns 2,657,782 shares of the company's stock worth $122,099,000 after acquiring an additional 22,158 shares during the period. Corvex Management LP boosted 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 during the period. Finally, Burgundy Asset Management Ltd. bought a new stake in shares of IAC during the first quarter worth approximately $66,556,000. Institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on IAC. Truist Financial cut their price target on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. JMP Securities cut their price target on IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a research note on Tuesday, June 10th. Piper Sandler cut their price target on IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. KeyCorp cut their price target on IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Finally, UBS Group boosted their price target on IAC from $38.00 to $41.00 and gave the company a "neutral" rating 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Price Performance

IAC traded up $0.40 during trading on Friday, hitting $37.19. 1,613,994 shares of the stock traded hands, compared to its average volume of 1,135,360. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.40. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -6.90 and a beta of 1.26. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87. The business has a 50 day moving average price of $37.86 and a 200 day moving average price of $38.70.

IAC (NASDAQ:IAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $2.57 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $601.38 million. During the same period in the previous year, the business earned ($1.71) earnings per share. The company's revenue was down 7.5% on a year-over-year basis. Equities research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current fiscal year.

IAC 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.