IAC (NASDAQ:IAC) Reaches New 1-Year Low Following Weak Earnings

IAC Inc. (NASDAQ:IAC) shares hit a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $29.88 and last traded at $29.8430, with a volume of 259725 shares trading hands. The stock had previously closed at $32.56.

The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). IAC had a negative net margin of 8.27% and a negative return on equity of 4.50%. The company had revenue of $589.79 million for the quarter, compared to analysts’ expectations of $601.86 million. During the same quarter in the prior year, the firm earned ($2.93) earnings per share. The company’s revenue was down 8.1% on a year-over-year basis.

Analyst Ratings Changes

IAC has been the topic of several research analyst reports. KeyCorp lowered their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday. Oppenheimer decreased their price objective on shares of IAC from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Benchmark decreased their price objective on shares of IAC from $63.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded IAC from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.62.

Institutional Trading of IAC

A number of institutional investors and hedge funds have recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its position in shares of IAC by 2.0% during the third quarter. Oregon Public Employees Retirement Fund now owns 15,217 shares of the company’s stock valued at $518,000 after purchasing an additional 300 shares during the period. Teacher Retirement System of Texas raised its position in IAC by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 50,766 shares of the company’s stock worth $1,896,000 after purchasing an additional 316 shares in the last quarter. Bleakley Financial Group LLC raised its position in IAC by 1.0% in the first quarter. Bleakley Financial Group LLC now owns 33,097 shares of the company’s stock worth $1,520,000 after purchasing an additional 324 shares in the last quarter. GAMMA Investing LLC raised its position in IAC by 48.5% in the second quarter. GAMMA Investing LLC now owns 1,124 shares of the company’s stock worth $42,000 after purchasing an additional 367 shares in the last quarter. Finally, US Bancorp DE raised its position in IAC by 21.9% in the first quarter. US Bancorp DE now owns 2,234 shares of the company’s stock worth $103,000 after purchasing an additional 401 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

IAC Price Performance

The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -11.72 and a beta of 1.25. The company’s 50-day moving average is $34.65 and its 200-day moving average is $36.28.

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.