Creative Planning Cuts Position in IAC Inc. (NASDAQ:IAC)

Creative Planning reduced its stake in IAC Inc. (NASDAQ:IAC) by 10.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,235 shares of the company’s stock after selling 1,074 shares during the period. Creative Planning’s holdings in IAC were worth $433,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of IAC. Principal Financial Group Inc. lifted its stake in shares of IAC by 5,474.2% in the second quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock worth $16,090,000 after acquiring an additional 337,268 shares in the last quarter. DME Capital Management LP bought a new stake in IAC in the second quarter valued at about $13,655,000. Bank of New York Mellon Corp raised its position in shares of IAC by 113.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock valued at $24,891,000 after acquiring an additional 282,304 shares in the last quarter. Swedbank AB bought a new stake in IAC during the first quarter valued at $11,460,000. Finally, Public Sector Pension Investment Board acquired a new stake in IAC during the second quarter worth about $7,200,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

IAC has been the subject of a number of analyst reports. JMP Securities began coverage on shares of IAC in a research note on Tuesday, July 9th. They set an “outperform” rating and a $78.00 target price for the company. Truist Financial upped their price target on shares of IAC from $87.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Barclays cut 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. Citigroup dropped their price target on IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, KeyCorp cut their price target on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.40.

IAC Stock Performance

Shares of NASDAQ IAC opened at $53.62 on Wednesday. The stock has a market capitalization of $4.31 billion, a PE ratio of -33.94 and a beta of 1.32. 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 Inc. has a 52 week low of $41.39 and a 52 week high of $58.29. The stock has a 50 day moving average price of $51.94 and a 200 day moving average price of $50.64.

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