Bank of New York Mellon Corp Sells 67,768 Shares of IAC Inc. $IAC

Bank of New York Mellon Corp cut its stake in IAC Inc. (NASDAQ:IAC) by 13.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 426,267 shares of the company’s stock after selling 67,768 shares during the quarter. Bank of New York Mellon Corp owned about 0.58% of IAC worth $15,917,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of IAC. Burgundy Asset Management Ltd. bought a new position in IAC during the first quarter valued at $66,556,000. AQR Capital Management LLC boosted its stake in shares of IAC by 422.9% during the 1st quarter. AQR Capital Management LLC now owns 875,820 shares of the company’s stock worth $40,025,000 after purchasing an additional 708,332 shares during the period. JPMorgan Chase & Co. grew its holdings in IAC by 11.4% during the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company’s stock valued at $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in IAC by 806.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 511,103 shares of the company’s stock valued at $19,872,000 after purchasing an additional 454,733 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in IAC by 141.1% in the 1st quarter. Public Sector Pension Investment Board now owns 425,475 shares of the company’s stock worth $19,546,000 after purchasing an additional 248,983 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on IAC shares. Wall Street Zen upgraded IAC from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Truist Financial decreased their price target on IAC from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. KeyCorp dropped their price objective on IAC from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, November 3rd. Benchmark reduced their target price on IAC from $60.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Oppenheimer decreased their target price on IAC from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.73.

IAC Price Performance

IAC opened at $32.65 on Tuesday. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -11.96 and a beta of 1.25. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.29. IAC Inc. has a 12-month low of $29.56 and a 12-month high of $50.49. The business’s fifty day simple moving average is $34.07 and its 200-day simple moving average is $36.20.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). IAC had a negative return on equity of 4.61% and a negative net margin of 8.27%.The business had revenue of $589.79 million during the quarter, compared to analysts’ expectations of $601.86 million. During the same period last year, the company earned ($2.93) earnings per share. The firm’s revenue was down 8.1% compared to the same quarter last year. On average, equities research analysts anticipate 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.