JPMorgan Chase & Co. Raises Holdings in IAC Inc. (NASDAQ:IAC)

Key Points

• JPMorgan Chase & Co. increased its position in IAC Inc. by 11.4% during the 1st quarter, holding 5,451,614 shares valued at approximately $250.4 million.
• IAC Inc. reported earnings per share of $2.57, significantly exceeding analysts' expectations, but its revenue of $586.93 million fell short of estimates.
• Research analysts have given IAC a moderate buy rating, with an average price target of $47.92, despite multiple downgrades to price objectives.

JPMorgan Chase & Co. boosted its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 11.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,451,614 shares of the company's stock after purchasing an additional 557,134 shares during the quarter. JPMorgan Chase & Co. owned about 7.03% of IAC worth $250,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Southeastern Asset Management Inc. TN increased its stake in IAC by 21.3% in 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 during the last quarter. Davis Selected Advisers increased its stake in IAC by 0.8% in 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 during the last quarter. Corvex Management LP increased its stake in IAC by 61.8% in 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 during the last quarter. ArrowMark Colorado Holdings LLC increased its stake in IAC by 5.3% in 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in IAC by 5.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock worth $46,638,000 after acquiring an additional 47,944 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IAC shares. KeyCorp dropped their target price on IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. The Goldman Sachs Group dropped their target price on IAC from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their target price on IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Piper Sandler dropped their target price on IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Finally, JMP Securities dropped their target price on IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a report on Tuesday, June 10th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, IAC currently has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Trading Up 0.9%

IAC traded up $0.32 during trading hours on Friday, reaching $35.46. 1,288,864 shares of the company's stock traded hands, compared to its average volume of 1,466,951. The firm has a 50-day moving average price of $38.07 and a 200 day moving average price of $39.44. IAC Inc. has a 52-week low of $32.04 and a 52-week high of $55.40. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $2.64 billion, a PE ratio of -6.58 and a beta of 1.23.

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