Louisiana State Employees Retirement System Reduces Stake in IAC Inc. (NASDAQ:IAC)

Louisiana State Employees Retirement System lowered its position in IAC Inc. (NASDAQ:IAC) by 2.8% in the third quarter, HoldingsChannel reports. The firm owned 34,200 shares of the company’s stock after selling 1,000 shares during the period. Louisiana State Employees Retirement System’s holdings in IAC were worth $1,841,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IAC. International Assets Investment Management LLC acquired a new position in IAC during the 2nd quarter worth about $39,000. GAMMA Investing LLC boosted its position in IAC by 98.8% in the 3rd quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock valued at $53,000 after buying an additional 492 shares during the period. CWM LLC increased its position in shares of IAC by 55.6% during the second quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after acquiring an additional 408 shares during the period. 1620 Investment Advisors Inc. purchased a new position in IAC in the second quarter valued at $60,000. Finally, Geneos Wealth Management Inc. purchased a new stake in IAC during the 1st quarter worth about $80,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

IAC Price Performance

IAC opened at $51.00 on Thursday. IAC Inc. has a twelve month low of $41.39 and a twelve month high of $58.29. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -32.28 and a beta of 1.32. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $52.34 and a 200 day simple moving average of $50.72.

IAC (NASDAQ:IAC) last announced its earnings results 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 business had revenue of $949.50 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.76) earnings per share. Equities research analysts expect that IAC Inc. will post -0.79 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on IAC shares. Barclays lowered their price target on shares of IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. KeyCorp lowered their price objective on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Benchmark reissued a “buy” rating and set a $110.00 target price on shares of IAC in a research report on Tuesday, August 27th. UBS Group upgraded shares of IAC to a “hold” rating in a research note on Monday. Finally, Truist Financial boosted their price objective on shares of IAC from $87.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Two 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 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.