IAC Inc. (NASDAQ:IAC) Stake Boosted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of IAC Inc. (NASDAQ:IAC) by 148.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,353 shares of the company’s stock after purchasing an additional 3,791 shares during the quarter. PNC Financial Services Group Inc.’s holdings in IAC were worth $292,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Blueshift Asset Management LLC bought a new position in shares of IAC during the first quarter valued at approximately $725,000. US Bancorp DE grew its holdings in IAC by 21.9% in the 1st quarter. US Bancorp DE now owns 2,234 shares of the company’s stock worth $103,000 after buying an additional 401 shares in the last quarter. Shufro Rose & Co. LLC grew its holdings in IAC by 14.3% in the 1st quarter. Shufro Rose & Co. LLC now owns 33,650 shares of the company’s stock worth $1,546,000 after buying an additional 4,200 shares in the last quarter. Hurley Capital LLC bought a new position in IAC in the 1st quarter worth approximately $168,000. Finally, Mackenzie Financial Corp grew its holdings in IAC by 40.9% in the 1st quarter. Mackenzie Financial Corp now owns 11,580 shares of the company’s stock worth $532,000 after buying an additional 3,360 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

IAC has been the subject of a number of recent analyst reports. Truist Financial decreased their price objective on IAC from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Piper Sandler decreased their price objective on IAC from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Citigroup decreased their price objective on IAC from $47.55 to $45.00 and set a “buy” rating for the company in a report on Friday, April 25th. Oppenheimer decreased their price objective on IAC from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Finally, JMP Securities decreased their price objective on IAC from $64.00 to $47.00 and set a “market outperform” rating for the company in a report on Tuesday, June 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, IAC currently has a consensus rating of “Moderate Buy” and an average price target of $47.92.

IAC Stock Performance

IAC opened at $35.46 on Friday. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of -6.58 and a beta of 1.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87. IAC Inc. has a 1-year low of $32.04 and a 1-year high of $55.40. The business has a 50 day moving average price of $38.07 and a two-hundred day moving average price of $39.44.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping the consensus estimate of ($0.30) by $2.87. The business had revenue of $586.93 million during the quarter, compared to analyst estimates of $601.38 million. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%. The company’s revenue was down 7.5% compared to the same quarter last year. During the same period last year, the company posted ($1.71) EPS. Research analysts predict that IAC Inc. will post 0.43 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.