IAC Inc. (NASDAQ:IAC) Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board significantly increased its stake in IAC Inc. by 141.1%, owning approximately 0.57% of the company valued at $19.55 million as of the latest reporting period.
• Analyst ratings for IAC have shifted, with Barclays lowering their price target from $61.00 to $52.00 while maintaining an "overweight" rating, and the consensus price target now rests at $47.92.
• IAC's latest earnings report showed a positive EPS of $2.57, which exceeded expectations, despite a year-over-year revenue decline of 7.5%, reporting $586.93 million for the quarter.

Public Sector Pension Investment Board grew its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 141.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 425,475 shares of the company's stock after buying an additional 248,983 shares during the period. Public Sector Pension Investment Board owned 0.57% of IAC worth $19,546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in IAC. TD Private Client Wealth LLC grew its position in IAC by 282.2% during the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after buying an additional 429 shares during the period. Parallel Advisors LLC raised its stake in 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 period. Fifth Third Bancorp raised its stake in shares of IAC by 426.1% in the 1st quarter. Fifth Third Bancorp now owns 626 shares of the company's stock valued at $29,000 after acquiring an additional 507 shares during the period. Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 369 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of IAC by 219.4% in 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 Trading Up 4.9%

Shares of IAC traded up $1.67 during mid-day trading on Wednesday, hitting $35.62. The company had a trading volume of 1,084,598 shares, compared to its average volume of 1,417,452. The business's 50-day simple moving average is $38.10 and its 200-day simple moving average is $39.57. 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 Inc. has a 1-year low of $32.04 and a 1-year high of $55.40. The stock has a market cap of $2.65 billion, a PE ratio of -6.61 and a beta of 1.23.

IAC (NASDAQ:IAC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, beating analysts' consensus estimates of ($0.30) by $2.87. The firm had revenue of $586.93 million for the quarter, compared to analysts' expectations 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 period in the previous year, the company posted ($1.71) earnings per share. Sell-side analysts forecast that IAC Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

IAC has been the subject of several analyst reports. Benchmark lowered their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Truist Financial reduced their price target on shares of IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a report on Saturday. Citigroup cut their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. Finally, The Goldman Sachs Group cut their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, IAC currently has a consensus rating of "Moderate Buy" and an average price target 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.