IAC (NASDAQ:IAC) Announces Quarterly Earnings Results, Beats Estimates By $2.87 EPS

Key Points

• IAC (NASDAQ:IAC) reported a quarterly earnings per share of $2.57, surpassing the consensus estimate of ($0.30) by $2.87.
• The company’s stock increased by 1.8% following the earnings release, closing at $39.52.
• Analysts have set a range of new price targets for IAC, with an average target price of $54.08 and a majority rating it as a "Moderate Buy."

IAC (NASDAQ:IAC - Get Free Report) announced its quarterly earnings data on Monday. The company reported $2.57 earnings per share for the quarter, beating the consensus estimate of ($0.30) by $2.87, Zacks reports. IAC had a negative return on equity of 11.11% and a negative net margin of 23.25%.

IAC Stock Up 1.8%

IAC traded up $0.69 on Monday, hitting $39.52. 1,571,403 shares of the company were exchanged, compared to its average volume of 1,034,006. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -4.09 and a beta of 1.23. The firm has a 50-day moving average price of $38.29 and a two-hundred day moving average price of $39.92. IAC has a twelve month low of $32.04 and a twelve month high of $55.40.

Analysts Set New Price Targets

IAC has been the topic of a number of research reports. Cowen reaffirmed a "buy" rating on shares of IAC in a research note on Monday, May 5th. KeyCorp cut their target price on IAC from $64.00 to $49.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. JPMorgan Chase & Co. lowered their price target on IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. The Goldman Sachs Group dropped their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, JMP Securities reduced their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a research note on Tuesday, June 10th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $54.08.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Focus Partners Wealth purchased a new stake in shares of IAC in the 1st quarter valued at about $270,000. Empowered Funds LLC lifted its stake in IAC by 9.8% in the first quarter. Empowered Funds LLC now owns 8,037 shares of the company's stock valued at $369,000 after buying an additional 718 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of IAC in the first quarter valued at approximately $207,000. Finally, Goldman Sachs Group Inc. grew its position in shares of IAC by 38.6% during the first quarter. Goldman Sachs Group Inc. now owns 415,484 shares of the company's stock worth $19,087,000 after acquiring an additional 115,652 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.

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