Jacobs Levy Equity Management Inc. Invests $685,000 in IAC Inc. $IAC

Jacobs Levy Equity Management Inc. bought a new stake in IAC Inc. (NASDAQ:IAC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,916 shares of the company’s stock, valued at approximately $685,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in IAC by 11.4% in the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company’s stock valued at $250,447,000 after acquiring an additional 557,134 shares during the last quarter. Southeastern Asset Management Inc. TN boosted its stake in IAC by 21.3% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company’s stock valued at $118,719,000 after acquiring an additional 483,613 shares during the last quarter. Davis Selected Advisers boosted its stake in IAC by 0.8% in the first quarter. Davis Selected Advisers now owns 2,657,782 shares of the company’s stock valued at $122,099,000 after acquiring an additional 22,158 shares during the last quarter. Burgundy Asset Management Ltd. purchased a new position in IAC in the first quarter valued at about $66,556,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in IAC by 5.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company’s stock valued at $46,638,000 after acquiring an additional 47,944 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IAC. Benchmark dropped their target price on shares of IAC from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. KeyCorp dropped their price target on shares of IAC from $49.00 to $45.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. JMP Securities dropped their price target on shares of IAC from $64.00 to $47.00 and set a “market outperform” rating on the stock in a research note on Tuesday, June 10th. Oppenheimer dropped their price target on shares of IAC from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Finally, Truist Financial dropped their price target on shares of IAC from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, IAC currently has an average rating of “Moderate Buy” and an average target price of $47.92.

IAC Stock Performance

IAC stock opened at $36.07 on Friday. The firm’s 50 day simple moving average is $37.60 and its 200 day simple moving average is $38.36. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $2.68 billion, a PE ratio of -6.69 and a beta of 1.26. IAC Inc. has a 1-year low of $32.04 and a 1-year high of $55.40.

IAC (NASDAQ:IAC) last posted its earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $2.87. The business had revenue of $586.93 million for the quarter, compared to analyst estimates of $601.38 million. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. IAC’s revenue was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.71) EPS. As a group, analysts expect that IAC Inc. will post 0.43 earnings per share 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.