Truist Financial Corp Has $5.79 Million Holdings in IAC Inc. (NASDAQ:IAC)

Truist Financial Corp decreased its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 26.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 123,469 shares of the company's stock after selling 44,089 shares during the period. Truist Financial Corp owned 0.15% of IAC worth $5,785,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in IAC. Riverview Trust Co bought a new position in IAC in the 1st quarter worth $27,000. International Assets Investment Management LLC acquired a new position in shares of IAC during the 2nd quarter worth about $39,000. CWM LLC boosted its stake in IAC by 55.6% during the 2nd quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $54,000 after purchasing an additional 408 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in IAC in the 2nd quarter valued at approximately $60,000. Finally, Geneos Wealth Management Inc. bought a new position in IAC in the 1st quarter worth approximately $80,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on IAC shares. Truist Financial increased their price objective on IAC from $87.00 to $88.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Benchmark restated a "buy" rating and issued a $110.00 price target on shares of IAC in a research report on Tuesday, August 27th. Citigroup dropped their price objective on shares of IAC from $70.00 to $66.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. JMP Securities initiated coverage on shares of IAC in a research note on Tuesday, July 9th. They issued an "outperform" rating and a $78.00 target price for the company. Finally, Barclays lowered their price target on IAC from $73.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, August 8th. Two research 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, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.40.

IAC Price Performance

IAC traded up $0.56 during midday trading on Tuesday, reaching $52.04. 470,435 shares of the company's stock were exchanged, compared to its average volume of 674,052. 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 business has a 50-day simple moving average of $51.47 and a two-hundred day simple moving average of $50.64. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -32.94 and a beta of 1.32. IAC Inc. has a one year low of $41.39 and a one year high of $58.29.

IAC (NASDAQ:IAC - Get Free Report) last posted its 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 for the quarter, compared to the consensus estimate of $942.77 million. IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. IAC's quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.76) EPS. As a group, research analysts predict that IAC Inc. will post -0.79 EPS for the current year.

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.