Geode Capital Management LLC Increases Stock Holdings in IAC Inc. (NASDAQ:IAC)

Geode Capital Management LLC raised its holdings in IAC Inc. (NASDAQ:IAC) by 2.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,217,480 shares of the company’s stock after buying an additional 25,909 shares during the quarter. Geode Capital Management LLC’s holdings in IAC were worth $65,541,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in shares of IAC by 5.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company’s stock valued at $51,027,000 after acquiring an additional 52,271 shares during the period. Louisiana State Employees Retirement System purchased a new stake in IAC during the 2nd quarter valued at about $1,649,000. Royce & Associates LP increased its holdings in shares of IAC by 5.1% in the third quarter. Royce & Associates LP now owns 278,679 shares of the company’s stock valued at $14,999,000 after purchasing an additional 13,400 shares during the period. Highbridge Capital Management LLC raised its stake in shares of IAC by 70.4% in the second quarter. Highbridge Capital Management LLC now owns 165,329 shares of the company’s stock worth $7,746,000 after purchasing an additional 68,291 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in shares of IAC by 5.1% during 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 period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on IAC. Benchmark reiterated a “buy” rating and issued a $110.00 price target on shares of IAC in a report on Tuesday, November 12th. KeyCorp reduced their target price on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $70.00 price target on shares of IAC in a report on Monday, December 16th. Truist Financial reduced their price objective on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, UBS Group upgraded IAC to a “hold” rating in a research note on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.33.

IAC Stock Performance

Shares of IAC stock opened at $42.28 on Friday. 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 12-month low of $41.08 and a 12-month high of $58.29. The business’s 50 day moving average is $48.96 and its two-hundred day moving average is $49.82. The company has a market capitalization of $3.40 billion, a P/E ratio of -98.32 and a beta of 1.31.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). The company had revenue of $938.70 million during the quarter, compared to analyst estimates of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. IAC’s revenue was down 15.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.30) EPS. Analysts expect that IAC Inc. will post -3.97 EPS for the current fiscal 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.