JPMorgan Chase & Co. Trims Stock Holdings in IAC Inc. $IAC

JPMorgan Chase & Co. reduced its holdings in shares of IAC Inc. (NASDAQ:IAC) by 44.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,649,957 shares of the company’s stock after selling 2,918,970 shares during the quarter. JPMorgan Chase & Co. owned about 5.09% of IAC worth $124,354,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Helikon Investments Ltd purchased a new stake in shares of IAC during the second quarter worth $76,056,000. Burgundy Asset Management Ltd. lifted its holdings in IAC by 73.8% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock worth $94,015,000 after purchasing an additional 1,069,044 shares in the last quarter. Norges Bank bought a new position in IAC in the 2nd quarter worth about $31,025,000. Patient Capital Management LLC grew its holdings in IAC by 21.2% during the 3rd quarter. Patient Capital Management LLC now owns 2,108,245 shares of the company’s stock valued at $71,828,000 after buying an additional 369,239 shares in the last quarter. Finally, Levin Capital Strategies L.P. increased its position in shares of IAC by 503.3% during the second quarter. Levin Capital Strategies L.P. now owns 430,552 shares of the company’s stock valued at $16,077,000 after buying an additional 359,180 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on IAC. Weiss Ratings restated a “sell (d-)” rating on shares of IAC in a research report on Thursday, January 22nd. Oppenheimer downgraded shares of IAC from an “outperform” rating to a “market perform” rating in a report on Monday, December 15th. Barclays reduced their price target on shares of IAC from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. KeyCorp lowered their price objective on IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday, November 3rd. Finally, Citigroup boosted their target price on IAC from $38.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.83.

IAC Stock Up 2.4%

Shares of NASDAQ:IAC opened at $37.40 on Monday. The firm has a market capitalization of $2.68 billion, a PE ratio of -28.12 and a beta of 1.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.56 and a current ratio of 2.75. IAC Inc. has a 52-week low of $29.56 and a 52-week high of $50.49. The firm has a fifty day moving average of $38.27 and a 200 day moving average of $35.99.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($1.66). IAC had a negative net margin of 4.35% and a negative return on equity of 2.43%. The firm had revenue of $645.98 million for the quarter, compared to analysts’ expectations of $641.01 million. During the same quarter in the previous year, the business earned ($2.39) EPS. The company’s revenue for the quarter was down 34.7% on a year-over-year basis. As a group, research analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal year.

IAC Company 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.