Permanent Capital Management LP Invests $1.73 Million in IAC Inc. $IAC

Permanent Capital Management LP bought a new stake in IAC Inc. (NASDAQ:IAC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 50,827 shares of the company’s stock, valued at approximately $1,732,000. Permanent Capital Management LP owned approximately 0.07% of IAC as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. North Capital Inc. lifted its position in IAC by 50.1% in the third quarter. North Capital Inc. now owns 3,001 shares of the company’s stock valued at $102,000 after purchasing an additional 1,001 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of IAC by 551.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 155,852 shares of the company’s stock worth $5,310,000 after buying an additional 131,920 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of IAC by 282.5% in the 2nd quarter. Osaic Holdings Inc. now owns 7,008 shares of the company’s stock valued at $262,000 after buying an additional 5,176 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of IAC by 96.2% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,060 shares of the company’s stock valued at $114,000 after buying an additional 1,500 shares during the period. Finally, Public Sector Pension Investment Board boosted its stake in shares of IAC by 9.1% in the second quarter. Public Sector Pension Investment Board now owns 464,136 shares of the company’s stock valued at $17,331,000 after buying an additional 38,661 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IAC has been the subject of several research analyst reports. Oppenheimer cut IAC from an “outperform” rating to a “market perform” rating in a research report on Monday, December 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a report on Wednesday, October 8th. Truist Financial reduced their price objective on shares of IAC from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Barclays lowered their target price on shares of IAC from $52.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of IAC from $43.00 to $46.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.67.

IAC Price Performance

Shares of NASDAQ IAC opened at $40.10 on Monday. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $35.24 and its 200 day moving average price is $36.21. IAC Inc. has a 52 week low of $29.56 and a 52 week high of $50.49. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of -14.69 and a beta of 1.18.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.27) earnings per share (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 4.61%. 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) EPS. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. As a group, research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current fiscal year.

IAC Profile

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.