Boyar Asset Management Inc. Purchases 6,587 Shares of IAC Inc. (NASDAQ:IAC)

Boyar Asset Management Inc. raised its position in shares of IAC Inc. (NASDAQ:IAC) by 51.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,302 shares of the company’s stock after acquiring an additional 6,587 shares during the period. Boyar Asset Management Inc.’s holdings in IAC were worth $904,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in IAC. Garden State Investment Advisory Services LLC lifted its position in shares of IAC by 1.3% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 15,010 shares of the company’s stock worth $786,000 after purchasing an additional 196 shares during the last quarter. Tandem Capital Management Corp ADV boosted its position in shares of IAC by 0.6% in the second quarter. Tandem Capital Management Corp ADV now owns 47,222 shares of the company’s stock valued at $2,192,000 after acquiring an additional 260 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of IAC by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 32,856 shares of the company’s stock valued at $1,721,000 after acquiring an additional 320 shares during the period. CWM LLC grew its stake in shares of IAC by 55.6% in the second quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after acquiring an additional 408 shares during the last quarter. Finally, Riverview Trust Co bought a new position in IAC during the first quarter worth $27,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IAC shares. Barclays reduced their price target on shares of IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. KeyCorp decreased their target price 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 upped their price target on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Benchmark reissued a “buy” rating and set a $110.00 price objective on shares of IAC in a report on Tuesday, August 27th. Finally, Citigroup lowered their price objective on IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.40.

IAC Stock Performance

Shares of NASDAQ:IAC opened at $50.30 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.68 and a quick ratio of 2.68. The business’s fifty day moving average price is $50.03 and its two-hundred day moving average price is $50.86. IAC Inc. has a fifty-two week low of $41.39 and a fifty-two week high of $58.29. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of -31.84 and a beta of 1.32.

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

About IAC

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.