QRG Capital Management Inc. Sells 18,401 Shares of IAC Inc. $IAC

QRG Capital Management Inc. lowered its position in IAC Inc. (NASDAQ:IAC) by 29.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,089 shares of the company’s stock after selling 18,401 shares during the period. QRG Capital Management Inc. owned approximately 0.06% of IAC worth $1,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in IAC by 20.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,568,927 shares of the company’s stock valued at $245,284,000 after acquiring an additional 1,117,313 shares during the period. Burgundy Asset Management Ltd. boosted its stake in shares of IAC by 73.8% during the second quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock valued at $94,015,000 after purchasing an additional 1,069,044 shares during the period. Helikon Investments Ltd purchased a new stake in shares of IAC during the second quarter valued at $76,056,000. Patient Capital Management LLC grew its holdings in shares of IAC by 3.2% in the second quarter. Patient Capital Management LLC now owns 1,739,006 shares of the company’s stock worth $64,934,000 after purchasing an additional 54,343 shares during the last quarter. Finally, Norges Bank purchased a new position in IAC in the 2nd quarter worth about $31,025,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Stock Performance

Shares of NASDAQ:IAC opened at $38.87 on Wednesday. The firm has a 50 day moving average of $37.40 and a 200 day moving average of $36.44. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -14.24 and a beta of 1.10. IAC Inc. has a 52 week low of $29.56 and a 52 week high of $50.49.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The company had revenue of $589.79 million during the quarter, compared to analysts’ expectations of $601.86 million. IAC had a negative net margin of 8.27% and a negative return on equity of 4.61%. The company’s revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.93) earnings per share. On average, sell-side analysts predict that IAC Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on IAC. Jefferies Financial Group boosted their price objective on shares of IAC from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. UBS Group lowered their price target on IAC from $41.00 to $39.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. KeyCorp dropped their price objective on IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, November 3rd. Benchmark reduced their price objective on IAC from $60.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Wall Street Zen cut IAC from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, IAC currently has an average rating of “Moderate Buy” and a consensus price target of $46.67.

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.