Principal Financial Group Inc. Sells 10,288 Shares of IAC Inc. (NASDAQ:IAC)

Principal Financial Group Inc. lessened its holdings in shares of IAC Inc. (NASDAQ:IAC) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 333,141 shares of the company’s stock after selling 10,288 shares during the quarter. Principal Financial Group Inc. owned approximately 0.41% of IAC worth $17,930,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in IAC in the 2nd quarter valued at $39,000. GAMMA Investing LLC raised its position in shares of IAC by 98.8% in the third quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock valued at $53,000 after purchasing an additional 492 shares during the period. Quarry LP lifted its stake in shares of IAC by 408.9% during the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock worth $53,000 after buying an additional 785 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in shares of IAC during the 2nd quarter worth about $208,000. Finally, Clear Harbor Asset Management LLC acquired a new position in IAC in the 3rd quarter valued at about $208,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IAC. Piper Sandler lowered IAC from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $68.00 to $54.00 in a report on Tuesday, December 10th. Benchmark reaffirmed a “buy” rating and set a $110.00 price target on shares of IAC in a research report on Tuesday, November 12th. JMP Securities restated a “market outperform” rating and set a $70.00 target price on shares of IAC in a research report on Monday, December 16th. Macquarie reiterated an “outperform” rating and issued a $14.00 price target on shares of IAC in a research note on Thursday, November 14th. Finally, Barclays lowered their price objective on IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IAC has an average rating of “Moderate Buy” and an average target price of $68.33.

IAC Stock Up 1.5 %

IAC stock opened at $43.19 on Friday. The stock has a market capitalization of $3.48 billion, a P/E ratio of -100.44 and a beta of 1.31. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $48.11 and a 200-day moving average price of $49.62. IAC Inc. has a 12 month low of $41.08 and a 12 month high of $58.29.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($2.73). IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The company had revenue of $938.70 million for the quarter, compared to analyst estimates of $922.62 million. During the same quarter last year, the company posted ($0.30) earnings per share. The firm’s quarterly revenue was down 15.5% on a year-over-year basis. As a group, equities research analysts anticipate that IAC Inc. will post -3.97 EPS for the current fiscal year.

IAC 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.