Levin Capital Strategies L.P. Takes Position in IAC Inc. (NASDAQ:IAC)

Levin Capital Strategies L.P. purchased a new stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 33,698 shares of the company's stock, valued at approximately $1,579,000.

Other hedge funds have also modified their holdings of the company. Riverview Trust Co purchased a new position in shares of IAC during the first quarter worth $27,000. International Assets Investment Management LLC purchased a new position in shares of IAC during the 2nd quarter valued at about $39,000. CWM LLC lifted its holdings in shares of IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $54,000 after buying an additional 408 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of IAC in the second quarter worth about $60,000. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of IAC in the first quarter worth about $80,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IAC. JMP Securities assumed coverage on IAC in a report on Tuesday, July 9th. They issued an "outperform" rating and a $78.00 price target for the company. KeyCorp lowered their price target on shares of IAC from $67.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. Truist Financial lifted their price objective on shares of IAC from $87.00 to $88.00 and gave the company a "buy" rating in a report on Thursday, August 8th. StockNews.com downgraded shares of IAC from a "buy" rating to a "hold" rating in a research report on Saturday, May 18th. Finally, Wells Fargo & Company raised their target price on IAC from $82.00 to $84.00 and gave the company an "overweight" rating in a research report on Tuesday, May 14th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $76.40.

IAC Price Performance

IAC traded down $0.99 on Tuesday, hitting $49.23. 462,189 shares of the company's stock were exchanged, compared to its average volume of 696,265. IAC Inc. has a fifty-two week low of $41.39 and a fifty-two week high of $58.29. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of -31.78 and a beta of 1.32. The firm has a 50-day moving average price of $50.12 and a 200-day moving average price of $50.72. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($1.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.39). IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The business had revenue of $949.50 million for the quarter, compared to analyst estimates of $942.77 million. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. The business's revenue was down 14.6% compared to the same quarter last year. As a group, equities analysts anticipate that IAC Inc. will post -0.79 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.