Raymond James Financial Inc. Acquires 15,948 Shares of IAC Inc. $IAC

Key Points

• Raymond James Financial Inc. increased its stake in IAC Inc. by 8.6%, owning 201,738 shares valued at approximately $9.27 million as of the latest SEC filing.
• Several institutional investors have significantly boosted their holdings in IAC, with TD Private Client Wealth LLC increasing its position by 282.2% in the first quarter.
• IAC's recent quarterly earnings report showed an EPS of $2.57, which exceeded analyst expectations despite a year-over-year revenue decline of 7.5%.

Raymond James Financial Inc. increased its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 8.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,738 shares of the company's stock after purchasing an additional 15,948 shares during the quarter. Raymond James Financial Inc. owned approximately 0.27% of IAC worth $9,268,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in IAC during the first quarter worth $1,107,000. Allspring Global Investments Holdings LLC acquired a new position in IAC during the first quarter worth $2,590,000. Charles Schwab Investment Management Inc. boosted its holdings in IAC by 5.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock worth $46,638,000 after purchasing an additional 47,944 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in IAC by 11.4% during the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in IAC by 94.7% during the first quarter. QRG Capital Management Inc. now owns 54,721 shares of the company's stock worth $2,514,000 after purchasing an additional 26,616 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

IAC has been the subject of a number of recent analyst reports. KeyCorp cut their price target on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. UBS Group increased their price target on shares of IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Oppenheimer cut their price target on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. 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 research note on Wednesday, May 7th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.92.

IAC Stock Performance

Shares of IAC traded down $0.02 during trading hours on Thursday, hitting $36.27. The company 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 firm has a market cap of $2.70 billion, a price-to-earnings ratio of -6.73 and a beta of 1.26. The business has a fifty day moving average of $37.87 and a 200-day moving average of $38.84. 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 quarterly earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $586.93 million for the quarter, compared to analyst estimates of $601.38 million. During the same period last year, the firm earned ($1.71) earnings per share. IAC's revenue for the quarter was down 7.5% compared to the same quarter last year. Equities analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal 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.