Truist Financial Corp Sells 44,089 Shares of IAC Inc. (NASDAQ:IAC)

Truist Financial Corp reduced its position in IAC Inc. (NASDAQ:IAC) by 26.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,469 shares of the company’s stock after selling 44,089 shares during the quarter. Truist Financial Corp’s holdings in IAC were worth $5,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Freshford Capital Management LLC grew its holdings in IAC by 18.7% during the 4th quarter. Freshford Capital Management LLC now owns 1,645,314 shares of the company’s stock valued at $86,182,000 after buying an additional 259,000 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in IAC by 5.1% in the 2nd 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 in the last quarter. Whitebox Advisors LLC boosted its holdings in shares of IAC by 9.5% during the 1st quarter. Whitebox Advisors LLC now owns 1,402,554 shares of the company’s stock valued at $74,812,000 after purchasing an additional 121,664 shares during the last quarter. Patient Capital Management LLC grew its position in shares of IAC by 7.7% during the fourth quarter. Patient Capital Management LLC now owns 1,366,938 shares of the company’s stock valued at $71,600,000 after purchasing an additional 97,938 shares in the last quarter. Finally, Bank of New York Mellon Corp increased 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 worth $24,891,000 after purchasing an additional 282,304 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IAC. Citigroup cut 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. Barclays dropped their price target on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. KeyCorp decreased their price target on 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 stock a “buy” rating in a research note on Thursday, August 8th. Finally, JMP Securities started coverage on shares of IAC in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $76.40.

IAC Trading Down 0.4 %

Shares of NASDAQ IAC opened at $51.48 on Tuesday. IAC Inc. has a twelve month low of $41.39 and a twelve month high of $58.29. 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 fifty day simple moving average of $51.47 and a two-hundred day simple moving average of $50.65. The firm has a market cap of $4.13 billion, a PE ratio of -32.58 and a beta of 1.32.

IAC (NASDAQ:IAC) last released its quarterly earnings data 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). The business 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%. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same period last year, the company earned ($0.76) earnings per share. Analysts expect that IAC Inc. will post -0.79 earnings per share for the current fiscal year.

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.