Acadian Asset Management LLC Makes New $3.95 Million Investment in IAC Inc. (NASDAQ:IAC)

Acadian Asset Management LLC purchased a new position in shares of IAC Inc. (NASDAQ:IAC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 84,246 shares of the company's stock, valued at approximately $3,945,000. Acadian Asset Management LLC owned about 0.10% of IAC as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Boyar Asset Management Inc. increased its position in shares of IAC by 51.8% in the 2nd quarter. Boyar Asset Management Inc. now owns 19,302 shares of the company's stock valued at $904,000 after acquiring an additional 6,587 shares during the period. Arizona State Retirement System raised its stake in shares of IAC by 3.8% in the second quarter. Arizona State Retirement System now owns 21,687 shares of the company's stock worth $1,016,000 after purchasing an additional 784 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of IAC by 42.0% during the second quarter. Victory Capital Management Inc. now owns 31,196 shares of the company's stock worth $1,462,000 after purchasing an additional 9,221 shares during the period. Oregon Public Employees Retirement Fund acquired a new stake in shares of IAC during the second quarter worth about $796,000. Finally, Rhumbline Advisers boosted its position in IAC by 123.1% in the second quarter. Rhumbline Advisers now owns 176,456 shares of the company's stock valued at $8,267,000 after buying an additional 97,378 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

IAC Price Performance

Shares of IAC stock traded up $0.94 on Friday, reaching $52.24. The company's stock had a trading volume of 370,417 shares, compared to its average volume of 691,729. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4.20 billion, a P/E ratio of -32.66 and a beta of 1.32. The stock has a 50-day moving average price of $50.36 and a 200-day moving average price of $50.67. IAC Inc. has a 52-week low of $41.39 and a 52-week high of $58.29.

IAC (NASDAQ:IAC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.39). The company had revenue of $949.50 million during the quarter, compared to analysts' expectations of $942.77 million. IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. IAC's revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.76) EPS. Analysts expect that IAC Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. 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 research note on Thursday, August 8th. Barclays cut their price target on IAC from $73.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, August 8th. JMP Securities assumed coverage on IAC in a report on Tuesday, July 9th. They issued an "outperform" rating and a $78.00 price objective for the company. StockNews.com lowered IAC from a "buy" rating to a "hold" rating in a report on Saturday, May 18th. Finally, Citigroup decreased their price target on IAC from $70.00 to $66.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, IAC currently has a consensus rating of "Moderate Buy" and an average target price of $76.40.

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.