IAC Inc. $IAC Position Raised by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its position in IAC Inc. by 19.5% in the second quarter, now owning 57,620 shares valued at approximately $2.15 million.
• IAC reported earnings of $2.57 per share in its latest quarterly results, outperforming expectations despite a 7.5% decline in year-over-year revenue.
• Overall, institutional investors control 88.90% of IAC's shares, indicating significant institutional interest in the company.

DAVENPORT & Co LLC increased its position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 19.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,620 shares of the company's stock after purchasing an additional 9,405 shares during the period. DAVENPORT & Co LLC owned 0.08% of IAC worth $2,152,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IAC. GAMMA Investing LLC raised its holdings in IAC by 219.4% during the first quarter. GAMMA Investing LLC now owns 757 shares of the company's stock worth $35,000 after purchasing an additional 520 shares in the last quarter. SG Americas Securities LLC bought a new stake in IAC during the first quarter worth approximately $893,000. Fifth Third Bancorp increased its holdings in shares of IAC by 426.1% in the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after buying an additional 507 shares in the last quarter. Asset Value Investors Ltd increased its holdings in shares of IAC by 9.4% in the first quarter. Asset Value Investors Ltd now owns 1,011,350 shares of the company's stock valued at $46,461,000 after buying an additional 87,100 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of IAC in the first quarter valued at $1,107,000. Institutional investors own 88.90% of the company's stock.

IAC Trading Up 0.2%

NASDAQ IAC opened at $33.41 on Friday. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.16. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.87 and a current ratio of 2.87. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of -6.20 and a beta of 1.23. The firm's 50 day moving average price is $35.60 and its two-hundred day moving average price is $36.94.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping 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 firm had revenue of $586.93 million for the quarter, compared to analysts' expectations of $601.38 million. During the same period in the previous year, the company posted ($1.71) EPS. The company's quarterly revenue was down 7.5% compared to the same quarter last year. Equities analysts anticipate that IAC Inc. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IAC. Truist Financial dropped their price target on IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Benchmark dropped their price target on IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of IAC in a report on Wednesday. Oppenheimer dropped their price target on IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen raised IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

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.

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