Public Sector Pension Investment Board Makes New Investment in IAC Inc. (NASDAQ:IAC)

Public Sector Pension Investment Board purchased a new stake in shares of IAC Inc. (NASDAQ:IAC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 153,683 shares of the company’s stock, valued at approximately $7,200,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Garden State Investment Advisory Services LLC increased its holdings in IAC by 1.3% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 15,010 shares of the company’s stock worth $786,000 after acquiring an additional 196 shares during the period. Tandem Capital Management Corp ADV grew its position in shares of IAC by 0.6% during the 2nd quarter. Tandem Capital Management Corp ADV now owns 47,222 shares of the company’s stock valued at $2,192,000 after purchasing an additional 260 shares in the last quarter. Greenwich Wealth Management LLC increased its holdings in shares of IAC by 3.0% in the second quarter. Greenwich Wealth Management LLC now owns 9,635 shares of the company’s stock worth $451,000 after purchasing an additional 284 shares during the period. Treasurer of the State of North Carolina raised its position in shares of IAC by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 32,856 shares of the company’s stock worth $1,721,000 after buying an additional 320 shares in the last quarter. Finally, CWM LLC boosted its stake in IAC by 55.6% during 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 during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Benchmark restated a “buy” rating and issued a $110.00 target price on shares of IAC in a research note on Tuesday, August 27th. Barclays decreased 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. Truist Financial lifted their target price on shares of IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Citigroup decreased their price target on shares of IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, JMP Securities began coverage on shares of IAC in a research report on Tuesday, July 9th. They set an “outperform” rating and a $78.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

IAC Price Performance

IAC stock opened at $54.04 on Wednesday. The firm has a market cap of $4.34 billion, a P/E ratio of -34.20 and a beta of 1.32. The firm’s fifty day moving average is $51.24 and its 200 day moving average is $50.60. IAC Inc. has a 52 week low of $41.39 and a 52 week high of $58.29. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.68 and a current ratio of 2.68.

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