IAC Inc. (NASDAQ:IAC) Shares Purchased by Corvex Management LP

Corvex Management LP grew its holdings in IAC Inc. (NASDAQ:IAC - Free Report) by 61.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,410,370 shares of the company's stock after purchasing an additional 920,875 shares during the period. IAC comprises about 2.9% of Corvex Management LP's investment portfolio, making the stock its 11th biggest holding. Corvex Management LP owned 2.99% of IAC worth $103,983,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of IAC. Applied Fundamental Research LLC boosted its stake in shares of IAC by 12.1% during the 4th quarter. Applied Fundamental Research LLC now owns 416,194 shares of the company's stock worth $17,955,000 after acquiring an additional 44,835 shares during the last quarter. Bryce Point Capital LLC purchased a new stake in shares of IAC in the fourth quarter worth about $595,000. Barclays PLC grew its holdings in shares of IAC by 922.5% in the third quarter. Barclays PLC now owns 60,737 shares of the company's stock valued at $3,268,000 after purchasing an additional 54,797 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of IAC by 4,238.5% in the 4th quarter. Proficio Capital Partners LLC now owns 229,419 shares of the company's stock worth $9,897,000 after buying an additional 224,131 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of IAC by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 967,260 shares of the company's stock valued at $41,728,000 after purchasing an additional 19,148 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

IAC Price Performance

IAC stock traded up $0.25 during mid-day trading on Friday, reaching $37.02. The company's stock had a trading volume of 1,617,634 shares, compared to its average volume of 774,284. The company has a current ratio of 2.80, a quick ratio of 2.75 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $39.33 and its two-hundred day moving average is $43.46. The stock has a market cap of $2.87 billion, a PE ratio of -5.68 and a beta of 1.24. IAC Inc. has a fifty-two week low of $32.05 and a fifty-two week high of $58.29.

IAC (NASDAQ:IAC - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.94) by $1.14. IAC had a negative net margin of 14.18% and a negative return on equity of 7.98%. The firm had revenue of $570.49 million for the quarter, compared to analyst estimates of $809.18 million. During the same period in the previous year, the firm earned $0.51 EPS. IAC's revenue was down 8.6% on a year-over-year basis. Equities research analysts expect that IAC Inc. will post 0.43 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. UBS Group reduced their price target on shares of IAC from $54.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday. Barclays lowered their target price on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday. Citigroup decreased their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. KeyCorp cut their price objective on shares of IAC from $64.00 to $49.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Truist Financial decreased their price target on IAC from $80.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $57.43.

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.