Steamboat Capital Partners LLC Acquires 108,530 Shares of IAC Inc. $IAC

Key Points

• Steamboat Capital Partners LLC has significantly increased its stake in IAC Inc. by 275.6%, owning 147,914 shares after acquiring an additional 108,530 shares in the first quarter.
• IAC's most recent earnings report showed an EPS of $2.57, surpassing analysts' expectations, despite a revenue decline of 7.5% year-over-year.
• Multiple hedge funds have increased their stakes in IAC, with institutional investors now holding 88.90% of the company's stock.

Steamboat Capital Partners LLC boosted its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 275.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 147,914 shares of the company's stock after acquiring an additional 108,530 shares during the quarter. IAC makes up approximately 2.1% of Steamboat Capital Partners LLC's holdings, making the stock its 20th biggest holding. Steamboat Capital Partners LLC owned about 0.20% of IAC worth $6,795,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC grew its holdings in IAC by 1.0% during the 1st quarter. Bleakley Financial Group LLC now owns 33,097 shares of the company's stock worth $1,520,000 after acquiring an additional 324 shares during the last quarter. Versant Capital Management Inc grew its holdings in IAC by 118.6% during the 1st quarter. Versant Capital Management Inc now owns 680 shares of the company's stock worth $31,000 after acquiring an additional 369 shares during the last quarter. US Bancorp DE grew its holdings in IAC by 21.9% during the 1st quarter. US Bancorp DE now owns 2,234 shares of the company's stock worth $103,000 after acquiring an additional 401 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of IAC by 282.2% in the 1st quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of IAC by 426.1% in the 1st quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after purchasing an additional 507 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

IAC Trading Up 1.4%

Shares of NASDAQ:IAC traded up $0.50 during mid-day trading on Thursday, reaching $36.79. The stock had a trading volume of 1,586,855 shares, compared to its average volume of 1,104,106. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a market cap of $2.74 billion, a PE ratio of -6.83 and a beta of 1.26. The firm has a 50 day simple moving average of $37.87 and a two-hundred day simple moving average of $38.84. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping the consensus estimate of ($0.30) by $2.87. The firm had revenue of $586.93 million for the quarter, compared to the consensus estimate of $601.38 million. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The business's quarterly revenue was down 7.5% on a year-over-year basis. During the same period last year, the company posted ($1.71) EPS. On average, research analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IAC. Piper Sandler reduced their target price on shares of IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Oppenheimer reduced their target price 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 reduced their target price on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a research note on Tuesday, June 10th. KeyCorp reduced their target price on shares of IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.