ACR Alpine Capital Research LLC Has $7.52 Million Stock Position in IAC Inc. (NASDAQ:IAC)

ACR Alpine Capital Research LLC grew its holdings in IAC Inc. (NASDAQ:IAC - Free Report) by 86.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 163,727 shares of the company's stock after purchasing an additional 76,117 shares during the quarter. IAC comprises about 0.2% of ACR Alpine Capital Research LLC's investment portfolio, making the stock its 20th largest position. ACR Alpine Capital Research LLC owned 0.21% of IAC worth $7,522,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Readystate Asset Management LP acquired a new position in shares of IAC during the first quarter valued at $248,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of IAC in the 1st quarter valued at about $248,000. Tabor Asset Management LP bought a new position in shares of IAC in the 1st quarter valued at about $5,914,000. Allianz Asset Management GmbH boosted its stake in shares of IAC by 0.7% in the 1st quarter. Allianz Asset Management GmbH now owns 154,238 shares of the company's stock valued at $7,086,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of IAC by 119.5% in the 1st quarter. Victory Capital Management Inc. now owns 77,996 shares of the company's stock valued at $3,583,000 after purchasing an additional 42,465 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

IAC Stock Down 1.4%

Shares of NASDAQ:IAC traded down $0.58 during mid-day trading on Thursday, reaching $40.56. 1,113,354 shares of the stock were exchanged, compared to its average volume of 651,574. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.30. The company has a market cap of $3.00 billion, a P/E ratio of -4.19 and a beta of 1.23. IAC Inc. has a one year low of $32.04 and a one year high of $55.40. The stock's 50 day simple moving average is $37.96 and its 200-day simple moving average is $40.05.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.94) by $1.14. The business had revenue of $570.49 million during the quarter, compared to the consensus estimate of $809.18 million. IAC had a negative return on equity of 11.11% and a negative net margin of 23.25%. IAC's quarterly revenue was down 8.6% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share. As a group, equities research analysts predict that IAC Inc. will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Piper Sandler reduced their target price on shares of IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Citigroup cut their target price on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. UBS Group cut their target price on IAC from $54.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. The Goldman Sachs Group cut their target price on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, JMP Securities cut their target price on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a research note on Tuesday, June 10th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, IAC presently has an average rating of "Moderate Buy" and a consensus target price of $54.08.

About IAC

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.