S&CO Inc. Sells 36,605 Shares of IAC Inc. (NASDAQ:IAC)

Key Points

• S&CO Inc. reduced its holdings in IAC Inc. by 17.9%, selling 36,605 shares to retain approximately 0.22% of the company, valued at around $7.7 million.
• Several large investors, including Corvex Management LP and Southeastern Asset Management Inc., significantly increased their stakes in IAC during the fourth quarter, reflecting strong institutional interest in the company.
• Analysts have adjusted their price targets for IAC, with JPMorgan lowering it from $60.00 to $45.00, while the stock's average rating remains a "Moderate Buy" with a consensus target price of $54.08.

S&CO Inc. trimmed its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 17.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,570 shares of the company's stock after selling 36,605 shares during the quarter. S&CO Inc. owned approximately 0.22% of IAC worth $7,698,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in IAC. Asset Value Investors Ltd acquired a new position in IAC during the 4th quarter worth approximately $39,872,000. Corvex Management LP increased its position in IAC by 61.8% during the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after purchasing an additional 920,875 shares in the last quarter. Norges Bank acquired a new position in IAC during the 4th quarter worth approximately $38,817,000. Southeastern Asset Management Inc. TN increased its position in 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 acquiring an additional 483,613 shares during the period. Finally, Brown Advisory Inc. increased its position in IAC by 87.9% in the 4th quarter. Brown Advisory Inc. now owns 764,187 shares of the company's stock valued at $32,967,000 after acquiring an additional 357,442 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IAC. JPMorgan Chase & Co. decreased their price target on shares of IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. KeyCorp decreased their price target on shares of IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Piper Sandler decreased their price target on shares of IAC from $54.00 to $44.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. UBS Group decreased their price objective on shares of IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, Barclays decreased their price objective on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, IAC currently has an average rating of "Moderate Buy" and an average target price of $54.08.

IAC Stock Down 1.2%

NASDAQ IAC traded down $0.47 on Friday, hitting $38.83. 1,062,222 shares of the company were exchanged, compared to its average volume of 1,028,238. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40. The company has a market cap of $2.88 billion, a PE ratio of -4.02 and a beta of 1.23. The stock has a fifty day moving average of $38.24 and a 200-day moving average of $39.98. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($2.80) earnings per share for the quarter, beating analysts' consensus estimates of ($3.94) by $1.14. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The firm had revenue of $570.49 million for the quarter, compared to analyst estimates of $809.18 million. During the same period last year, the firm earned $0.51 earnings per share. The business's quarterly revenue was down 8.6% compared to the same quarter last year. As a group, analysts forecast that IAC Inc. will post 0.43 earnings per share for the current 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.