Artisan Partners Limited Partnership Sells 574,042 Shares of IAC Inc. $IAC

Artisan Partners Limited Partnership cut its stake in IAC Inc. (NASDAQ:IAC) by 62.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 339,519 shares of the company’s stock after selling 574,042 shares during the quarter. Artisan Partners Limited Partnership’s holdings in IAC were worth $11,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. JFS Wealth Advisors LLC bought a new position in IAC in the 3rd quarter valued at about $39,000. North Capital Inc. acquired a new position in shares of IAC in the second quarter valued at approximately $75,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of IAC during the second quarter worth approximately $83,000. Geneos Wealth Management Inc. lifted its holdings in IAC by 96.2% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,060 shares of the company’s stock worth $114,000 after purchasing an additional 1,500 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in IAC in the 1st quarter valued at $207,000. Institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on IAC shares. Truist Financial lowered their price objective on IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Jefferies Financial Group raised their price target on shares of IAC from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Wall Street Zen upgraded shares of IAC from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Research downgraded shares of IAC from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 10th. Finally, UBS Group reaffirmed a “neutral” rating and set a $42.00 target price on shares of IAC in a report on Friday, February 6th. Ten investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.83.

IAC Trading Up 1.0%

IAC opened at $38.32 on Friday. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of -28.81 and a beta of 1.12. The company has a quick ratio of 2.56, a current ratio of 2.75 and a debt-to-equity ratio of 0.29. IAC Inc. has a twelve month low of $29.56 and a twelve month high of $50.49. The company has a 50-day simple moving average of $38.05 and a 200 day simple moving average of $36.07.

IAC (NASDAQ:IAC) last issued its earnings results on Tuesday, February 3rd. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of $0.67 by ($1.66). The firm had revenue of $645.98 million during the quarter, compared to analyst estimates of $641.01 million. IAC had a negative net margin of 4.35% and a negative return on equity of 2.43%. IAC’s quarterly revenue was down 34.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.39) earnings per share. Analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

About IAC

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.