IAC Inc. $IAC is Cove Street Capital LLC's 4th Largest Position

Key Points

• Cove Street Capital LLC has reduced its stake in IAC Inc. by 11.3% in the first quarter, now holding 71,425 shares, which constitutes about 5.2% of its investment portfolio.
• IAC recently posted an EPS of $2.57 for its last quarter, surpassing consensus estimates, but reported a 7.5% revenue decline year-over-year, totaling $586.93 million.
• Analysts have a consensus rating of "Moderate Buy" on IAC, with an average price target of $47.92, indicating confidence in the company's future performance.

Cove Street Capital LLC decreased its position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 11.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,425 shares of the company's stock after selling 9,078 shares during the period. IAC makes up approximately 5.2% of Cove Street Capital LLC's holdings, making the stock its 4th largest holding. Cove Street Capital LLC owned approximately 0.10% of IAC worth $3,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Burgundy Asset Management Ltd. purchased a new stake in IAC in the first quarter worth approximately $66,556,000. Asset Value Investors Ltd purchased a new position in IAC in the 4th quarter worth $39,872,000. AQR Capital Management LLC boosted its position in IAC by 422.9% during the first quarter. AQR Capital Management LLC now owns 875,820 shares of the company's stock valued at $40,025,000 after buying an additional 708,332 shares during the period. JPMorgan Chase & Co. grew its stake 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 valued at $250,447,000 after buying an additional 557,134 shares during the last quarter. Finally, Southeastern Asset Management Inc. TN increased its holdings 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 period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IAC has been the subject of several recent research reports. UBS Group boosted their price objective on IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Benchmark dropped their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Piper Sandler cut their target price on IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. KeyCorp lowered their price target on IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Finally, JMP Securities cut their price objective on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a research report on Tuesday, June 10th. Twelve research 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, the company currently has an average rating of "Moderate Buy" and an average target price of $47.92.

IAC Stock Down 1.9%

IAC traded down $0.70 on Monday, hitting $36.49. The company had a trading volume of 980,805 shares, compared to its average volume of 1,109,952. The stock has a fifty day simple moving average of $37.86 and a 200-day simple moving average of $38.59. 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 firm has a market capitalization of $2.71 billion, a P/E ratio of -6.77 and a beta of 1.26. IAC Inc. has a 52-week low of $32.04 and a 52-week high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last announced its earnings results 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. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The firm had revenue of $586.93 million during the quarter, compared to analyst estimates of $601.38 million. During the same quarter in the prior year, the company earned ($1.71) EPS. The business's revenue was down 7.5% compared to the same quarter last year. As a group, equities analysts expect that IAC Inc. will post 0.43 EPS for the current fiscal 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.