Bank of New York Mellon Corp Purchases 6,515 Shares of IAC Inc. (NASDAQ:IAC)

Bank of New York Mellon Corp raised its position in IAC Inc. (NASDAQ:IAC) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 494,035 shares of the company’s stock after acquiring an additional 6,515 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.64% of IAC worth $22,696,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of IAC. Principal Financial Group Inc. boosted its stake in shares of IAC by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 351,787 shares of the company’s stock valued at $16,161,000 after purchasing an additional 8,396 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of IAC by 10.7% in the first quarter. DAVENPORT & Co LLC now owns 48,215 shares of the company’s stock worth $2,215,000 after buying an additional 4,670 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of IAC in the first quarter worth approximately $2,590,000. Asset Management One Co. Ltd. bought a new position in IAC during the first quarter valued at approximately $163,000. Finally, FNY Investment Advisers LLC bought a new position in shares of IAC in the first quarter worth approximately $813,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IAC. KeyCorp lowered their price target on IAC from $64.00 to $49.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. The Goldman Sachs Group reduced their price objective on IAC from $60.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Citigroup cut their price objective on IAC from $47.55 to $45.00 and set a “buy” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. decreased their target price on IAC from $60.00 to $45.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, JMP Securities dropped their price objective on IAC from $64.00 to $47.00 and set a “market outperform” rating for the company in a research note on Tuesday, June 10th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, IAC has a consensus rating of “Moderate Buy” and an average target price of $54.08.

IAC Stock Performance

Shares of IAC stock opened at $40.98 on Friday. IAC Inc. has a 52 week low of $32.05 and a 52 week high of $55.40. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -4.24 and a beta of 1.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.70 and a current ratio of 2.70. The firm has a fifty day moving average of $37.72 and a two-hundred day moving average of $40.12.

IAC (NASDAQ:IAC) last issued its earnings results on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.94) by $1.14. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The company had revenue of $570.49 million for the quarter, compared to analysts’ expectations of $809.18 million. During the same period in the prior year, the firm earned $0.51 EPS. IAC’s quarterly revenue was down 8.6% compared to the same quarter last year. As a group, equities research analysts predict that IAC Inc. will post 0.43 EPS for the current 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.