Burgundy Asset Management Ltd. Buys 1,069,044 Shares of IAC Inc. $IAC

Burgundy Asset Management Ltd. raised its stake in shares of IAC Inc. (NASDAQ:IAC) by 73.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,517,797 shares of the company’s stock after buying an additional 1,069,044 shares during the quarter. Burgundy Asset Management Ltd. owned about 3.39% of IAC worth $94,015,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaQuest LLC lifted its stake in IAC by 64.8% in the 1st quarter. AlphaQuest LLC now owns 3,187 shares of the company’s stock worth $146,000 after purchasing an additional 1,253 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of IAC in the second quarter worth $2,924,000. Royal Bank of Canada boosted its stake in IAC by 12.7% during the first quarter. Royal Bank of Canada now owns 449,115 shares of the company’s stock valued at $20,632,000 after buying an additional 50,463 shares during the period. Maverick Capital Ltd. grew its position in IAC by 112.7% during the first quarter. Maverick Capital Ltd. now owns 18,874 shares of the company’s stock worth $867,000 after buying an additional 10,000 shares in the last quarter. Finally, Levin Capital Strategies L.P. increased its stake in IAC by 503.3% in the 2nd quarter. Levin Capital Strategies L.P. now owns 430,552 shares of the company’s stock worth $16,077,000 after acquiring an additional 359,180 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IAC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a research report on Wednesday, October 8th. Barclays cut their price target on shares of IAC from $52.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Wall Street Zen raised shares of IAC from a “sell” rating to a “hold” rating in a report on Saturday. UBS Group reduced their target price on IAC from $41.00 to $39.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Finally, Truist Financial lowered their price target on IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.73.

IAC Stock Performance

IAC stock opened at $36.76 on Friday. The firm has a fifty day simple moving average of $33.66 and a two-hundred day simple moving average of $35.95. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.29. IAC Inc. has a twelve month low of $29.56 and a twelve month high of $50.49. The company has a market capitalization of $2.63 billion, a PE ratio of -13.47 and a beta of 1.18.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The company had revenue of $589.79 million during the quarter, compared to analysts’ expectations of $601.86 million. IAC had a negative return on equity of 4.61% and a negative net margin of 8.27%.The firm’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.93) EPS. Research analysts expect that IAC Inc. will post 0.43 EPS for the current 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.