Texas Permanent School Fund Corp Invests $2.44 Million in IAC Inc. (NASDAQ:IAC)

Texas Permanent School Fund Corp acquired a new position in shares of IAC Inc. (NASDAQ:IAC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 52,133 shares of the company’s stock, valued at approximately $2,442,000. Texas Permanent School Fund Corp owned about 0.06% of IAC as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in IAC. Acadian Asset Management LLC purchased a new position in shares of IAC during the 2nd quarter valued at $3,945,000. Boyar Asset Management Inc. boosted its position in shares of IAC by 51.8% during the 2nd quarter. Boyar Asset Management Inc. now owns 19,302 shares of the company’s stock valued at $904,000 after acquiring an additional 6,587 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of IAC by 3.8% during the second quarter. Arizona State Retirement System now owns 21,687 shares of the company’s stock worth $1,016,000 after purchasing an additional 784 shares in the last quarter. Victory Capital Management Inc. raised its stake in IAC by 42.0% in the second quarter. Victory Capital Management Inc. now owns 31,196 shares of the company’s stock valued at $1,462,000 after purchasing an additional 9,221 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new position in shares of IAC in the 2nd quarter worth $796,000. Institutional investors own 88.90% of the company’s stock.

IAC Stock Performance

NASDAQ IAC opened at $52.89 on Tuesday. The business has a 50-day moving average price of $50.60 and a 200-day moving average price of $50.54. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of -33.47 and a beta of 1.32. IAC Inc. has a twelve month low of $41.39 and a twelve month high of $58.29. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last released 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). IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The company had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $942.77 million. During the same period last year, the firm posted ($0.76) EPS. IAC’s quarterly revenue was down 14.6% compared to the same quarter last year. As a group, equities research analysts predict that IAC Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IAC has been the subject of several research reports. Truist Financial upped their target price on IAC from $87.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Citigroup lowered their price objective on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Barclays reduced their price objective on shares of IAC from $73.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. JMP Securities initiated 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. Finally, Benchmark restated a “buy” rating and issued a $110.00 price objective on shares of IAC in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

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.