Rhumbline Advisers Lowers Position in IAC Inc. $IAC

Key Points

• Rhumbline Advisers reduced its holdings in IAC Inc. by 4.3% during the first quarter, now owning 173,615 shares valued at approximately $7.98 million.
• Several hedge funds, including TD Private Client Wealth LLC and Parallel Advisors LLC, significantly increased their positions in IAC, with some growing by over 1,400%.
• Analyst ratings for IAC have shifted, with a mix of upgrades and downgrades, while the stock currently holds an average rating of "Moderate Buy" and a target price of $47.92.

Rhumbline Advisers trimmed its position in IAC Inc. (NASDAQ:IAC - Free Report) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,615 shares of the company's stock after selling 7,710 shares during the quarter. Rhumbline Advisers owned approximately 0.23% of IAC worth $7,976,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in shares of IAC by 11.4% in the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock valued at $250,447,000 after purchasing an additional 557,134 shares in the last quarter. Southeastern Asset Management Inc. TN raised its holdings in shares of IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock valued at $118,719,000 after purchasing an additional 483,613 shares in the last quarter. Davis Selected Advisers raised its holdings in shares of IAC by 0.8% in the 1st quarter. Davis Selected Advisers now owns 2,657,782 shares of the company's stock valued at $122,099,000 after purchasing an additional 22,158 shares in the last quarter. Burgundy Asset Management Ltd. acquired a new stake in shares of IAC in the 1st quarter valued at $66,556,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of IAC by 5.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock valued at $46,638,000 after purchasing an additional 47,944 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. JMP Securities reduced their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Piper Sandler dropped their target price on shares of IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. UBS Group increased their target price on shares of IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Truist Financial dropped their target price on shares of IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.92.

IAC Price Performance

IAC traded up $0.44 during midday trading on Wednesday, reaching $37.10. 455,929 shares of the company's stock were exchanged, compared to its average volume of 1,109,360. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87. The stock has a market capitalization of $2.76 billion, a PE ratio of -6.87 and a beta of 1.26. The business's 50-day moving average price is $37.52 and its 200 day moving average price is $38.17. IAC Inc. has a 1-year low of $32.04 and a 1-year high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $2.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $2.87. The company had revenue of $586.93 million during 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%. The firm's quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.71) earnings per share. As a group, equities analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal year.

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.