Brandywine Global Investment Management LLC Buys 34,500 Shares of IAC Inc. $IAC

Key Points

• Brandywine Global Investment Management LLC has increased its stake in IAC Inc. by 13.9%, now owning 282,350 shares worth approximately $12.97 million.
• Analysts have lowered their price targets for IAC, with Trist Financial reducing it from $61.00 to $57.00, while UBS raised it from $38.00 to $41.00, indicating mixed sentiments on the stock.
• IAC reported quarterly earnings of $2.57 EPS, significantly surpassing analysts' expectations of ($0.30), but revenue fell short of estimates at $586.93 million.

Brandywine Global Investment Management LLC increased its holdings in IAC Inc. (NASDAQ:IAC - Free Report) by 13.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282,350 shares of the company's stock after buying an additional 34,500 shares during the period. Brandywine Global Investment Management LLC owned 0.38% of IAC worth $12,971,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Private Client Wealth LLC raised its position in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock worth $27,000 after buying an additional 429 shares in the last quarter. Parallel Advisors LLC raised its position in IAC by 1,422.0% during the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock valued at $29,000 after purchasing an additional 583 shares in the last quarter. Fifth Third Bancorp raised its position in IAC by 426.1% during the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after purchasing an additional 507 shares in the last quarter. Versant Capital Management Inc raised its position in IAC by 118.6% during the first quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after purchasing an additional 369 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in IAC by 219.4% during the first quarter. GAMMA Investing LLC now owns 757 shares of the company's stock valued at $35,000 after purchasing an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

IAC Stock Up 1.0%

Shares of IAC stock traded up $0.35 during trading hours on Tuesday, hitting $35.59. 1,140,982 shares of the company's stock traded hands, compared to its average volume of 1,106,274. The stock's fifty day simple moving average is $38.04 and its two-hundred day simple moving average is $39.37. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.40. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -6.60 and a beta of 1.23. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on IAC shares. Citigroup lowered their price target on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. cut their target price on IAC from $60.00 to $45.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Truist Financial cut their target price on IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. UBS Group raised their target price on IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, Barclays cut their target price on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

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.