Marco Investment Management LLC Sells 775 Shares of IAC Inc. (NASDAQ:IAC)

Marco Investment Management LLC reduced its stake in IAC Inc. (NASDAQ:IAC) by 4.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,454 shares of the company’s stock after selling 775 shares during the period. Marco Investment Management LLC’s holdings in IAC were worth $818,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in IAC in the fourth quarter valued at approximately $39,426,000. Teachers Retirement System of The State of Kentucky increased its position in shares of IAC by 12.6% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 219,224 shares of the company’s stock valued at $11,483,000 after buying an additional 24,589 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in IAC during the 1st quarter worth $575,000. Patient Capital Management LLC lifted its holdings in IAC by 7.7% during the fourth quarter. Patient Capital Management LLC now owns 1,366,938 shares of the company’s stock worth $71,600,000 after acquiring an additional 97,938 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in IAC in the second quarter valued at about $1,649,000. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. KeyCorp dropped their price target on IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Truist Financial lifted their price target on shares of IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. StockNews.com downgraded shares of IAC from a “buy” rating to a “hold” rating in a research report on Saturday, May 18th. Barclays cut their price objective on shares of IAC from $73.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Finally, Citigroup lowered their target price on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two research 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 presently has an average rating of “Moderate Buy” and an average price target of $76.40.

IAC Stock Down 2.0 %

Shares of IAC stock opened at $49.23 on Wednesday. The firm’s fifty day moving average price is $50.18 and its two-hundred day moving average price is $50.67. 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 1 year low of $41.39 and a 1 year high of $58.29. The firm has a market capitalization of $3.95 billion, a P/E ratio of -31.16 and a beta of 1.32.

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