Amalgamated Bank Reduces Stake in IAC Inc. (NASDAQ:IAC)

Amalgamated Bank reduced its stake in shares of IAC Inc. (NASDAQ:IAC) by 30.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,362 shares of the company’s stock after selling 9,660 shares during the period. Amalgamated Bank’s holdings in IAC were worth $1,204,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of IAC by 5,474.2% during the 2nd quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock valued at $16,090,000 after buying an additional 337,268 shares during the last quarter. DME Capital Management LP purchased a new stake in IAC during the second quarter valued at about $13,655,000. Bank of New York Mellon Corp boosted its position in IAC by 113.4% during 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 period. Swedbank AB bought a new position in IAC during the first quarter worth about $11,460,000. Finally, Public Sector Pension Investment Board purchased a new position in shares of IAC in the second quarter worth about $7,200,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IAC shares. UBS Group upgraded IAC to a “hold” rating in a research note on Monday, October 28th. TD Cowen decreased their price target on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday. Truist Financial cut their price objective on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $110.00 price objective on shares of IAC in a research note on Tuesday. Finally, Citigroup lowered their target price on shares of IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.60.

IAC Stock Performance

NASDAQ IAC opened at $47.01 on Thursday. The company has a market capitalization of $3.78 billion, a P/E ratio of -110.86 and a beta of 1.33. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.68 and a current ratio of 2.75. IAC Inc. has a 52-week low of $43.51 and a 52-week high of $58.29. The company has a fifty day moving average of $52.22 and a 200-day moving average of $50.93.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Monday, November 11th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The firm had revenue of $938.70 million for the quarter, compared to the consensus estimate of $922.62 million. IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period last year, the firm earned ($0.30) EPS. As a group, equities research analysts predict that IAC Inc. will post -0.79 EPS for the current fiscal 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.