Icahn Enterprises (NASDAQ:IEP) Shares Cross Below 200 Day Moving Average – Here’s Why

by · The Markets Daily

Icahn Enterprises L.P. (NASDAQ:IEP – Get Free Report) crossed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $7.37 and traded as low as $6.60. Icahn Enterprises shares last traded at $6.65, with a volume of 673,504 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock has an average rating of “Sell”.

Read Our Latest Report on IEP

Icahn Enterprises Stock Up 0.2%

The stock’s fifty day simple moving average is $6.89 and its two-hundred day simple moving average is $7.37. The company has a debt-to-equity ratio of 2.98, a current ratio of 2.87 and a quick ratio of 2.87. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of -8.99 and a beta of 0.77.

Icahn Enterprises (NASDAQ:IEP – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.63). Icahn Enterprises had a negative net margin of 4.81% and a negative return on equity of 17.99%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.04 billion.

Icahn Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Monday, August 17th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 30.1%. Icahn Enterprises’s dividend payout ratio (DPR) is currently -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its holdings in shares of Icahn Enterprises by 2.7% during the first quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate’s stock valued at $6,070,000 after purchasing an additional 21,373 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Icahn Enterprises by 301.4% in the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock worth $821,000 after purchasing an additional 81,637 shares during the last quarter. Next Level Private LLC bought a new stake in shares of Icahn Enterprises in the 2nd quarter worth approximately $289,000. Royal Bank of Canada lifted its holdings in shares of Icahn Enterprises by 6.9% in the 1st quarter. Royal Bank of Canada now owns 32,804 shares of the conglomerate’s stock worth $248,000 after purchasing an additional 2,125 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in Icahn Enterprises by 114.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 30,000 shares of the conglomerate’s stock valued at $226,000 after purchasing an additional 16,000 shares during the period. 87.09% of the stock is currently owned by institutional investors and hedge funds.

About Icahn Enterprises

(Get Free Report)

Icahn Enterprises L.P. is a diversified holding company and master limited partnership controlled by investor Carl C. Icahn. The company invests in and operates businesses across multiple industries, with activities ranging from wholly owned operating companies to investments in publicly traded and privately held securities.

Its business areas have included investment management through Icahn Capital, automotive services, energy, metals, food packaging, real estate, and home fashion. The company’s operating businesses have included automotive dealerships and parts distribution, energy and refining activities, metal recycling and processing, packaging products, and real estate investments.

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