Northern Trust Corp Purchases 55,826 Shares of IAC Inc. $IAC

Key Points

• Northern Trust Corp increased its holdings in IAC Inc. by 11.9%, acquiring an additional 55,826 shares, resulting in a total of 523,413 shares valued at approximately $24 million.
• Several institutional investors, including Hsbc Holdings PLC and AQR Capital Management LLC, have also made significant investments in IAC, with hedge funds owning about 88.90% of the company's stock.
• IAC recently reported quarterly earnings of $2.57 per share, exceeding expectations, although its revenue fell 7.5% year-over-year to $586.93 million.

Northern Trust Corp grew its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 11.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 523,413 shares of the company's stock after buying an additional 55,826 shares during the quarter. Northern Trust Corp owned approximately 0.71% of IAC worth $24,046,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. TD Private Client Wealth LLC increased its holdings in IAC by 282.2% in the 1st quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of IAC by 1,422.0% during the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock worth $29,000 after purchasing an additional 583 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of IAC by 426.1% in the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after buying an additional 507 shares during the period. Versant Capital Management Inc raised its holdings in IAC by 118.6% in the 1st quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after buying an additional 369 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in IAC by 219.4% in the 1st quarter. GAMMA Investing LLC now owns 757 shares of the company's stock valued at $35,000 after buying an additional 520 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

IAC Trading Down 0.1%

IAC stock traded down $0.02 during mid-day trading on Thursday, reaching $36.27. The company's stock had a trading volume of 519,252 shares, compared to its average volume of 1,101,123. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40. 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 business's 50 day moving average price is $37.87 and its 200 day moving average price is $38.84. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -6.73 and a beta of 1.26.

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 analysts' consensus estimates 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 quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.71) EPS. On average, equities research analysts predict that IAC Inc. will post 0.43 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Truist Financial decreased their price objective on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Oppenheimer lowered their target price on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. KeyCorp reduced their price target on IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Finally, UBS Group increased their price target on IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, IAC has a consensus rating of "Moderate Buy" and an average target price of $47.92.

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.