The Manufacturers Life Insurance Company Lowers Holdings in IAC Inc. (NASDAQ:IAC)

The Manufacturers Life Insurance Company lowered its position in shares of IAC Inc. (NASDAQ:IAC) by 8.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,974 shares of the company’s stock after selling 1,587 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in IAC were worth $914,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in IAC. Thompson Siegel & Walmsley LLC boosted its position in shares of IAC by 5.1% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,633,452 shares of the company’s stock worth $76,527,000 after buying an additional 79,951 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of IAC by 5.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company’s stock worth $51,027,000 after purchasing an additional 52,271 shares in the last quarter. 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 worth $24,891,000 after purchasing an additional 282,304 shares during the last quarter. WCM Investment Management LLC lifted its stake in IAC by 25.0% in the 3rd quarter. WCM Investment Management LLC now owns 379,556 shares of the company’s stock valued at $20,762,000 after buying an additional 75,918 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in IAC by 5,474.2% during the 2nd quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock valued at $16,090,000 after buying an additional 337,268 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

IAC Price Performance

IAC opened at $46.24 on Friday. IAC Inc. has a twelve month low of $43.51 and a twelve month high of $58.29. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of -107.53 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 company has a fifty day simple moving average of $50.12 and a 200 day simple moving average of $50.09.

IAC (NASDAQ:IAC) last announced its earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $938.70 million for the quarter, compared to analysts’ expectations of $922.62 million. During the same period in the previous year, the firm posted ($0.30) earnings per share. The firm’s revenue was down 15.5% compared to the same quarter last year. Equities research analysts expect that IAC Inc. will post -3.97 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on IAC. Piper Sandler downgraded IAC from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $54.00 in a research report on Tuesday. Barclays lowered their price target on shares of IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Macquarie reissued an “outperform” rating and set a $14.00 price objective on shares of IAC in a research note on Thursday, November 14th. Truist Financial decreased their target price on shares of IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, KeyCorp cut their price target on IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $69.00.

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.