IAC Inc. $IAC is Applied Fundamental Research LLC’s 2nd Largest Position

Applied Fundamental Research LLC cut its stake in IAC Inc. (NASDAQ:IAC) by 4.1% in the third quarter, Holdings Channel reports. The firm owned 448,254 shares of the company’s stock after selling 19,287 shares during the period. IAC comprises 14.8% of Applied Fundamental Research LLC’s holdings, making the stock its 2nd largest position. Applied Fundamental Research LLC’s holdings in IAC were worth $15,272,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its stake in IAC by 20.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,568,927 shares of the company’s stock valued at $245,284,000 after purchasing an additional 1,117,313 shares in the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of IAC by 73.8% during the second quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock valued at $94,015,000 after buying an additional 1,069,044 shares during the last quarter. Patient Capital Management LLC grew its holdings in shares of IAC by 21.2% during the third quarter. Patient Capital Management LLC now owns 2,108,245 shares of the company’s stock valued at $71,828,000 after buying an additional 369,239 shares during the last quarter. Helikon Investments Ltd acquired a new position in shares of IAC in the 2nd quarter valued at $76,056,000. Finally, Norges Bank purchased a new position in IAC in the 2nd quarter worth $31,025,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

IAC has been the subject of a number of research reports. Barclays lowered their price target on IAC from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Truist Financial reduced their price objective on IAC from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Benchmark decreased their target price on IAC from $60.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Jefferies Financial Group increased their price target on shares of IAC from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, KeyCorp reduced their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, November 3rd. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.67.

IAC Stock Up 2.0%

IAC stock opened at $39.63 on Thursday. The business’s 50-day moving average price is $37.51 and its 200 day moving average price is $36.47. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.29. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of -14.52 and a beta of 1.10. IAC Inc. has a 52 week low of $29.56 and a 52 week high of $50.49.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). IAC had a negative net margin of 8.27% and a negative return on equity of 4.61%. The company had revenue of $589.79 million during the quarter, compared to analyst estimates of $601.86 million. During the same period in the previous year, the firm posted ($2.93) earnings per share. The company’s revenue was down 8.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that IAC Inc. will post 0.43 earnings per share for the current year.

About IAC

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.