Fmr LLC Lowers Stake in IAC Inc. (NASDAQ:IAC)

FMR LLC lessened its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 39.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 731,474 shares of the company's stock after selling 468,392 shares during the period. FMR LLC owned 0.91% of IAC worth $39,368,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Thompson Siegel & Walmsley LLC lifted its stake in IAC by 5.1% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,633,452 shares of the company's stock worth $76,527,000 after purchasing an additional 79,951 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of IAC by 5.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company's stock valued at $51,027,000 after purchasing an additional 52,271 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of IAC by 113.4% in the second quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company's stock valued at $24,891,000 after purchasing an additional 282,304 shares during the period. WCM Investment Management LLC boosted its holdings in shares of IAC by 25.0% in the third quarter. WCM Investment Management LLC now owns 379,556 shares of the company's stock valued at $20,762,000 after purchasing an additional 75,918 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of IAC by 5,474.2% in the second quarter. Principal Financial Group Inc. now owns 343,429 shares of the company's stock valued at $16,090,000 after purchasing an additional 337,268 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

IAC Stock Performance

IAC traded up $0.28 during midday trading on Monday, hitting $48.41. 557,271 shares of the company were exchanged, compared to its average volume of 661,214. The company's 50 day simple moving average is $50.33 and its 200 day simple moving average is $50.14. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of -112.58 and a beta of 1.31. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. IAC Inc. has a 1-year low of $43.51 and a 1-year high of $58.29.

IAC (NASDAQ:IAC - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The company had revenue of $938.70 million for the quarter, compared to analyst estimates of $922.62 million. IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. IAC's revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.30) earnings per share. As a group, sell-side analysts predict that IAC Inc. will post -3.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IAC has been the subject of a number of research reports. Barclays lowered their price target on IAC from $70.00 to $66.00 and set an "overweight" rating for the company in a report on Wednesday, November 13th. Benchmark restated a "buy" rating and set a $110.00 target price on shares of IAC in a report on Tuesday, November 12th. UBS Group raised IAC to a "hold" rating in a research report on Monday, October 28th. Macquarie reaffirmed an "outperform" rating and set a $14.00 price target on shares of IAC in a research report on Thursday, November 14th. Finally, Truist Financial reduced their price target on IAC from $88.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, IAC presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.36.

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.