JPMorgan Chase & Co. Grows Stock Holdings in IAC Inc. $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. raised its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 11.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,451,614 shares of the company's stock after acquiring an additional 557,134 shares during the period. JPMorgan Chase & Co. owned approximately 7.03% of IAC worth $250,447,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of IAC. Asset Value Investors Ltd purchased a new position in shares of IAC during the 4th quarter worth about $39,872,000. Corvex Management LP boosted its stake in shares of IAC by 61.8% during the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after purchasing an additional 920,875 shares during the period. Southeastern Asset Management Inc. TN boosted its stake in shares of IAC by 21.3% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after purchasing an additional 483,613 shares during the period. Brown Advisory Inc. boosted its stake in shares of IAC by 87.9% during the 4th quarter. Brown Advisory Inc. now owns 764,187 shares of the company's stock worth $32,967,000 after purchasing an additional 357,442 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of IAC by 1,666.9% during the 4th quarter. Millennium Management LLC now owns 249,603 shares of the company's stock worth $10,768,000 after purchasing an additional 235,476 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IAC. UBS Group lifted their price objective on shares of IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Cowen reiterated a "buy" rating on shares of IAC in a report on Monday, May 5th. KeyCorp decreased their price objective on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Wall Street Zen upgraded shares of IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, IAC has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Down 0.7%

Shares of NASDAQ IAC traded down $0.24 during trading hours on Monday, hitting $35.22. 535,860 shares of the stock were exchanged, compared to its average volume of 1,100,227. 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 company has a market cap of $2.62 billion, a PE ratio of -6.52 and a beta of 1.23. The firm has a fifty day moving average price of $38.07 and a 200-day moving average price of $39.42. 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 released 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. The company 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%. IAC's revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.71) EPS. On average, sell-side analysts expect that IAC Inc. will post 0.43 EPS for the current year.

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.