Royal Bank of Canada Raises Stock Holdings in IAC Inc. $IAC

Royal Bank of Canada raised its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 12.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 449,115 shares of the company's stock after buying an additional 50,463 shares during the quarter. Royal Bank of Canada owned about 0.61% of IAC worth $20,632,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of IAC. Burgundy Asset Management Ltd. purchased a new position in shares of IAC during the first quarter worth about $66,556,000. Asset Value Investors Ltd purchased a new position in shares of IAC during the fourth quarter worth about $39,872,000. JPMorgan Chase & Co. grew its holdings in shares of 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 in the last quarter. Southeastern Asset Management Inc. TN grew its holdings in shares of IAC by 21.3% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after purchasing an additional 483,613 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of IAC by 141.1% during the first quarter. Public Sector Pension Investment Board now owns 425,475 shares of the company's stock worth $19,546,000 after purchasing an additional 248,983 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on IAC. UBS Group boosted their price objective on IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Wall Street Zen raised IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. KeyCorp cut their target price on IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Truist Financial cut their target price on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, Oppenheimer cut their target price on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Trading Down 1.9%

IAC stock traded down $0.68 during midday trading on Friday, hitting $36.07. The company had a trading volume of 1,042,567 shares, compared to its average volume of 1,156,462. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. IAC Inc. has a 52 week low of $32.04 and a 52 week high of $55.40. The stock's 50 day moving average price is $37.60 and its 200 day moving average price is $38.31. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -6.69 and a beta of 1.26.

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