Swedbank AB Has $2.38 Million Stock Position in IAC Inc. $IAC

Key Points

• Swedbank AB has significantly reduced its stake in IAC Inc. by selling 91,151 shares, resulting in a 63.8% decline in its ownership.
• IAC reported a quarterly earnings per share (EPS) of $2.57, exceeding analysts' expectations by $2.87, despite a 7.5% year-over-year revenue decline.
• Analysts have set a consensus price target for IAC shares at $47.92, with 12 analysts rating it as a "Buy" and 2 as a "Hold."

Swedbank AB decreased its position in IAC Inc. (NASDAQ:IAC - Free Report) by 63.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,808 shares of the company's stock after selling 91,151 shares during the period. Swedbank AB owned about 0.07% of IAC worth $2,380,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IAC. Strs Ohio purchased a new stake in shares of IAC in the 1st quarter valued at approximately $1,291,000. Focus Partners Wealth purchased a new stake in shares of IAC during the first quarter valued at approximately $270,000. Empowered Funds LLC increased its stake in IAC by 9.8% during the first quarter. Empowered Funds LLC now owns 8,037 shares of the company's stock valued at $369,000 after purchasing an additional 718 shares during the last quarter. United Services Automobile Association acquired a new stake in IAC in the first quarter worth about $207,000. Finally, Caxton Associates LLP acquired a new stake in IAC during the 1st quarter worth about $694,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on IAC shares. Benchmark reduced their price objective on IAC from $63.00 to $60.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Oppenheimer decreased their price objective on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. UBS Group upped their price objective on IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Wall Street Zen raised IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Truist Financial reduced their price target on IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Price Performance

Shares of IAC traded down $1.77 during midday trading on Friday, reaching $36.23. The stock had a trading volume of 2,015,053 shares, compared to its average volume of 1,190,498. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.40. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The company's 50-day moving average is $37.30 and its 200 day moving average is $38.05. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -6.72 and a beta of 1.26.

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

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.