Principal Financial Group Inc. Increases Stock Holdings in IAC Inc. (NASDAQ:IAC)

Principal Financial Group Inc. grew its position in IAC Inc. (NASDAQ:IAC) by 5,474.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 343,429 shares of the company’s stock after buying an additional 337,268 shares during the quarter. Principal Financial Group Inc.’s holdings in IAC were worth $16,090,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Riverview Trust Co purchased a new position in shares of IAC in the first quarter valued at $27,000. CWM LLC increased its position in shares of IAC by 55.6% in the second quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $54,000 after buying an additional 408 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of IAC in the second quarter valued at $60,000. Geneos Wealth Management Inc. purchased a new position in shares of IAC in the first quarter valued at $80,000. Finally, Innealta Capital LLC purchased a new position in shares of IAC in the second quarter valued at $146,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on IAC shares. Truist Financial raised their price target on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wells Fargo & Company lifted their price objective on IAC from $82.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. JMP Securities started coverage on IAC in a research report on Tuesday, July 9th. They set an “outperform” rating and a $78.00 price objective for the company. Barclays dropped their price objective on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Finally, StockNews.com lowered IAC from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.40.

IAC Stock Performance

NASDAQ IAC opened at $51.75 on Thursday. The firm has a market capitalization of $4.16 billion, a P/E ratio of -32.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.68 and a quick ratio of 2.68. IAC Inc. has a 1-year low of $41.39 and a 1-year high of $58.29. The business’s 50-day simple moving average is $49.86 and its 200-day simple moving average is $50.91.

IAC (NASDAQ:IAC) last announced its earnings results on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.39). The company had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $942.77 million. IAC had a negative net margin of 3.95% and a negative return on equity of 2.35%. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.76) earnings per share. Equities analysts predict that IAC Inc. will post -0.79 EPS for the current year.

IAC Company Profile

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.