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Today, IAC Inc., a Delaware-incorporated company with a focus on computer programming and data processing services, announced an expansion of its share repurchase program. The Board of Directors has approved the purchase of an additional 10 million shares, bringing the total available shares for repurchase to approximately 10.2 million. According to InvestingPro data, IAC currently has a market capitalization of $3.71 billion and appears undervalued based on its Fair Value analysis.
The decision to increase the share repurchase authorization was disclosed in a recent 8-K filing with the Securities and Exchange Commission. The additional shares represent a commitment by the company to return value to shareholders, and the timing and volume of repurchases will be subject to various factors including the company’s capital requirements, stock price, market conditions, and trading volumes. While the company reported losses in the last twelve months, InvestingPro analysis shows strong liquidity with a current ratio of 2.8 and analysts project a return to profitability this year.
IAC’s share repurchase program will be carried out in compliance with SEC Rule 10b-18, which governs the conditions for buybacks. Furthermore, the company may execute these repurchases on the open market, through privately negotiated transactions, or other means, which may include the use of Rule 10b5-1 trading plans that allow companies to repurchase shares at times when they might otherwise be prevented from doing so under insider trading laws.
The information provided in the SEC filing regarding the share repurchase program does not constitute an amendment to the company’s previous filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, and it is not intended to be filed for purposes of Section 18 of the Exchange Act.
IAC’s common stock is listed on The Nasdaq Stock Market LLC under the trading symbol "IAC." The company’s decision to enhance its share repurchase program reflects its ongoing assessment of the best use of its capital to optimize shareholder value. The news comes directly from an official statement in the company’s SEC filing.
In other recent news, IAC Inc. announced the spin-off of its subsidiary Angi Inc., which includes a special dividend of Angi stock to IAC shareholders. This strategic move aims to streamline IAC’s operations and allow Angi to function as an independent public company. Additionally, IAC disclosed financial details for its subsidiary Dotdash Meredith (NYSE:MDP) Inc. following a merger, providing comprehensive financial statements for the past three years. KeyBanc Capital Markets raised its price target for IAC to $64, maintaining an Overweight rating after the company’s fourth-quarter results exceeded revenue and EBITDA expectations. The Dotdash Meredith segment showed strong digital performance marketing revenue growth, although advertising revenue growth decelerated. Meanwhile, Benchmark adjusted IAC’s price target to $100, maintaining a Buy rating, with discussions focusing on internal reinvestment and potential stock buybacks. Match Group (NASDAQ:MTCH) also announced a leadership change, promoting Hesam Hosseini to Chief Operating Officer as part of a planned transition, with outgoing President Gary Swidler continuing as an advisor. These developments highlight significant strategic and financial activities within IAC and its subsidiaries, capturing the attention of investors and analysts.
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