Bank of New York Mellon Corp Has $24.89 Million Position in IAC Inc. (NASDAQ:IAC)

Bank of New York Mellon Corp boosted its stake in shares of IAC Inc. (NASDAQ:IAC) by 113.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 531,296 shares of the company’s stock after buying an additional 282,304 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of IAC worth $24,891,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of IAC in the 1st quarter valued at about $27,000. CWM LLC lifted its stake in shares of IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $54,000 after purchasing an additional 408 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of IAC in the 2nd quarter valued at about $60,000. Geneos Wealth Management Inc. acquired a new position in shares of IAC in the 1st quarter valued at about $80,000. Finally, Headlands Technologies LLC lifted its stake in shares of IAC by 106.2% in the 1st quarter. Headlands Technologies LLC now owns 3,501 shares of the company’s stock valued at $187,000 after purchasing an additional 1,803 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IAC has been the topic of a number of recent analyst reports. StockNews.com downgraded IAC from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. Benchmark reaffirmed a “buy” rating and issued a $110.00 target price on shares of IAC in a research report on Tuesday, August 27th. Oppenheimer boosted their target price on IAC from $65.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. Barclays decreased their target price on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Finally, Truist Financial boosted their target price on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $76.40.

IAC Stock Performance

Shares of IAC opened at $51.75 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.68 and a current ratio of 2.68. The stock has a 50 day moving average price of $49.86 and a two-hundred day moving average price of $50.91. The firm has a market capitalization of $4.16 billion, a P/E ratio of -32.75 and a beta of 1.32. IAC Inc. has a 52 week low of $41.39 and a 52 week high of $58.29.

IAC (NASDAQ:IAC) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.39). The company had revenue of $949.50 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.76) earnings per share. Equities analysts forecast that IAC Inc. will post -0.79 earnings per share for the current fiscal year.

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.