Creative Planning Reduces Holdings in IAC Inc. (NASDAQ:IAC)

Creative Planning reduced its position in IAC Inc. (NASDAQ:IAC) by 10.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent SEC filing.

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

IAC Stock Performance

Shares of IAC stock opened at $53.62 on Wednesday. IAC Inc. has a 52 week low of $41.39 and a 52 week high of $58.29. The firm has a 50 day moving average of $51.94 and a two-hundred day moving average of $50.64. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $4.31 billion, a PE ratio of -33.94 and a beta of 1.32.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on IAC shares. KeyCorp decreased their target price on shares of IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. JMP Securities began coverage on shares of IAC in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 price objective for the company. Truist Financial lifted their target price on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Citigroup reduced 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, Benchmark reaffirmed a “buy” rating and issued a $110.00 price objective on shares of IAC in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

About IAC

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.