Global Endowment Management LP Lowers Holdings in IAC Inc. (NASDAQ:IAC)

Key Points

• Global Endowment Management LP significantly reduced its stake in IAC Inc. by 62.2% during the first quarter, now holding 7,671 shares valued at $352,000.
• Multiple hedge funds have increased their holdings in IAC, with JPMorgan Chase boosting its stake by 11.4% and Southeastern Asset Management increasing its stake by 21.3%.
• Analysts have mixed outlooks for IAC's stock, with recent price targets ranging from $41.00 to $60.00 and an overall average rating of "Moderate Buy."

Global Endowment Management LP trimmed its holdings in IAC Inc. (NASDAQ:IAC - Free Report) by 62.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,671 shares of the company's stock after selling 12,649 shares during the quarter. Global Endowment Management LP's holdings in IAC were worth $352,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of IAC by 11.4% during the 1st 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 in the last quarter. Southeastern Asset Management Inc. TN boosted its stake in shares of IAC by 21.3% during the 4th 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. Davis Selected Advisers boosted its stake in shares of IAC by 0.8% during the 1st 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 in the last quarter. Corvex Management LP boosted its stake in shares of IAC by 61.8% during the 4th 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. Finally, ArrowMark Colorado Holdings LLC boosted its stake in shares of IAC by 5.3% during the 4th 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. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IAC shares. Benchmark decreased their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Oppenheimer decreased their price target on shares of IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. JMP Securities cut their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a report on Tuesday, June 10th. Wall Street Zen upgraded shares of IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, UBS Group increased their price objective on shares of IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.92.

IAC Price Performance

IAC stock opened at $35.46 on Friday. The stock has a market cap of $2.64 billion, a P/E ratio of -6.58 and a beta of 1.23. The company has a fifty day simple moving average of $38.07 and a 200-day simple moving average of $39.46. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.40. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $2.87. The business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The company'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 earned ($1.71) EPS. Equities analysts expect that IAC Inc. will post 0.43 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.