Allianz Asset Management GmbH Cuts Stake in IAC Inc. $IAC

Allianz Asset Management GmbH reduced its stake in shares of IAC Inc. (NASDAQ:IAC) by 45.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,645 shares of the company’s stock after selling 70,593 shares during the quarter. Allianz Asset Management GmbH owned about 0.11% of IAC worth $3,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC grew its holdings in IAC by 64.8% during the 1st quarter. AlphaQuest LLC now owns 3,187 shares of the company’s stock valued at $146,000 after buying an additional 1,253 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of IAC in the first quarter valued at $1,107,000. Royal Bank of Canada grew its holdings in shares of IAC by 12.7% in the first quarter. Royal Bank of Canada now owns 449,115 shares of the company’s stock valued at $20,632,000 after purchasing an additional 50,463 shares in the last quarter. Maverick Capital Ltd. grew its holdings in shares of IAC by 112.7% in the first quarter. Maverick Capital Ltd. now owns 18,874 shares of the company’s stock valued at $867,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of IAC in the first quarter valued at $2,590,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IAC. Truist Financial cut their target price on shares of IAC from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. UBS Group raised their target price on shares of IAC from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Wednesday, August 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of IAC in a report on Wednesday, October 8th. Wall Street Zen raised shares of IAC from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Piper Sandler lowered their price target on IAC from $44.00 to $39.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IAC presently has an average rating of “Moderate Buy” and a consensus target price of $47.92.

IAC Stock Up 0.3%

NASDAQ:IAC opened at $33.94 on Friday. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.16. The company has a market cap of $2.52 billion, a price-to-earnings ratio of -6.30 and a beta of 1.23. The stock has a fifty day simple moving average of $35.10 and a 200-day simple moving average of $36.30. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last released its earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping the consensus estimate of ($0.30) by $2.87. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The business had revenue of $586.93 million during the quarter, compared to the consensus estimate of $601.38 million. During the same period last year, the company earned ($1.71) earnings per share. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. Analysts anticipate that IAC Inc. will post 0.43 EPS for the current 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.