Joel Isaacson & Co. LLC Sells 55,057 Shares of IAC Inc. $IAC

Joel Isaacson & Co. LLC lowered its holdings in shares of IAC Inc. (NASDAQ:IAC) by 13.4% during the second quarter, HoldingsChannel reports. The firm owned 355,148 shares of the company’s stock after selling 55,057 shares during the quarter. IAC comprises 0.5% of Joel Isaacson & Co. LLC’s holdings, making the stock its 28th largest holding. Joel Isaacson & Co. LLC’s holdings in IAC were worth $13,261,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. increased its stake in IAC by 11.4% during the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company’s stock worth $250,447,000 after purchasing an additional 557,134 shares in the last quarter. Davis Selected Advisers increased its position in shares of IAC by 0.8% during the first quarter. Davis Selected Advisers now owns 2,657,782 shares of the company’s stock worth $122,099,000 after acquiring an additional 22,158 shares in the last quarter. Burgundy Asset Management Ltd. acquired a new stake in shares of IAC during the first quarter worth $66,556,000. Charles Schwab Investment Management Inc. boosted its stake in IAC by 5.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company’s stock worth $46,638,000 after purchasing an additional 47,944 shares during the period. Finally, Asset Value Investors Ltd raised its stake in shares of IAC by 9.4% in the 1st quarter. Asset Value Investors Ltd now owns 1,011,350 shares of the company’s stock valued at $46,461,000 after purchasing an additional 87,100 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. UBS Group boosted their target price on IAC from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Truist Financial reduced their price objective on shares of IAC from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Oppenheimer lowered their target price on IAC from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen raised IAC from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of IAC in a research note on Saturday, September 27th. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.92.

IAC Trading Down 1.1%

Shares of NASDAQ:IAC opened at $34.22 on Tuesday. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.16. The business has a 50 day moving average of $35.96 and a 200-day moving average of $37.10. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The stock has a market cap of $2.54 billion, a PE ratio of -6.35 and a beta of 1.23.

IAC (NASDAQ:IAC) last announced its earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $2.87. The company had revenue of $586.93 million for the quarter, compared to analyst estimates of $601.38 million. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.71) earnings per share. As a group, equities research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current 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.