Invesco Ltd. Has $14.91 Million Position in IAC Inc. $IAC

Key Points

• Invesco Ltd. reduced its stake in IAC Inc. by 4.9% in the first quarter, ending up with 324,621 shares valued at approximately $14.9 million.
• Several institutional investors have significantly increased their holdings in IAC, including TD Private Client Wealth LLC and Parallel Advisors LLC, with increases of 282.2% and 1,422.0%, respectively.
• IAC recently reported an EPS of $2.57 for the quarter, exceeding analysts' expectations, despite a 7.5% decline in revenue compared to the previous year.

Invesco Ltd. trimmed its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 4.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 324,621 shares of the company's stock after selling 16,886 shares during the period. Invesco Ltd. owned approximately 0.44% of IAC worth $14,913,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC bought a new position in IAC during the 1st quarter valued at about $1,107,000. Allspring Global Investments Holdings LLC bought a new position in IAC during the 1st quarter valued at about $2,590,000. Charles Schwab Investment Management Inc. lifted its holdings in IAC by 5.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock valued at $46,638,000 after purchasing an additional 47,944 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in IAC by 11.4% during the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock valued at $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in IAC by 94.7% during the 1st quarter. QRG Capital Management Inc. now owns 54,721 shares of the company's stock valued at $2,514,000 after purchasing an additional 26,616 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

IAC has been the subject of several analyst reports. The Goldman Sachs Group cut their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Oppenheimer cut their price target on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. KeyCorp lowered their price objective on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Benchmark lowered their price objective 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. Finally, Piper Sandler lowered their price objective on shares of IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Trading Down 0.1%

Shares of IAC traded down $0.05 on Thursday, reaching $36.71. 790,958 shares of the company's stock were exchanged, compared to its average volume of 1,681,095. 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 stock has a market capitalization of $2.73 billion, a P/E ratio of -6.81 and a beta of 1.23. The business has a 50 day moving average price of $37.89 and a two-hundred day moving average price of $39.07. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $2.87. The business had revenue of $586.93 million during 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%. IAC's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.71) earnings per share. Research analysts anticipate that IAC Inc. will post 0.43 earnings per share for the current year.

IAC Company 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.