State of New Jersey Common Pension Fund D Reduces Holdings in IAC Inc. (NASDAQ:IAC)

State of New Jersey Common Pension Fund D trimmed its position in shares of IAC Inc. (NASDAQ:IAC) by 26.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,427 shares of the company’s stock after selling 13,535 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in IAC were worth $1,800,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in shares of IAC during the first quarter worth approximately $27,000. International Assets Investment Management LLC purchased a new stake in shares of IAC during the second quarter worth approximately $39,000. 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 purchasing an additional 408 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of IAC during the second quarter worth approximately $60,000. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of IAC during the first quarter worth approximately $80,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Stock Performance

NASDAQ IAC opened at $54.04 on Wednesday. The stock has a market cap of $4.34 billion, a PE ratio of -34.20 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. IAC Inc. has a twelve month low of $41.39 and a twelve month high of $58.29. The stock has a fifty day simple moving average of $51.24 and a 200-day simple moving average of $50.60.

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

Analyst Upgrades and Downgrades

Several analysts recently commented on IAC shares. Benchmark reiterated a “buy” rating and set a $110.00 price target on shares of IAC in a research report on Tuesday, August 27th. Truist Financial upped their target price on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 8th. KeyCorp dropped their target price on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Barclays dropped their target price on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Finally, JMP Securities assumed coverage on IAC in a report on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 target price for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, IAC currently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.