Icahn Enterprises (NASDAQ:IEP) Upgraded at StockNews.com

StockNews.com upgraded shares of Icahn Enterprises (NASDAQ:IEP) from a sell rating to a hold rating in a research note released on Saturday morning.

Icahn Enterprises Stock Down 8.9%

Shares of IEP opened at $8.88 on Friday. The company has a market capitalization of $4.85 billion, a P/E ratio of -8.15 and a beta of 0.79. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.61 and a quick ratio of 4.61. Icahn Enterprises has a one year low of $7.27 and a one year high of $17.93. The business’s 50 day simple moving average is $8.86 and its 200-day simple moving average is $9.72.

Icahn Enterprises (NASDAQ:IEP) last released its quarterly earnings data on Wednesday, May 7th. The conglomerate reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.98). The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.63 billion. Icahn Enterprises had a negative net margin of 4.79% and a negative return on equity of 8.82%. As a group, sell-side analysts predict that Icahn Enterprises will post -0.55 EPS for the current fiscal year.

Icahn Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Monday, May 19th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, May 19th. This represents a $2.00 annualized dividend and a dividend yield of 22.52%. Icahn Enterprises’s dividend payout ratio is presently -121.21%.

Hedge Funds Weigh In On Icahn Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Merit Financial Group LLC bought a new position in shares of Icahn Enterprises during the 4th quarter valued at approximately $343,000. Raymond James Financial Inc. bought a new position in shares of Icahn Enterprises during the 4th quarter valued at $969,000. Barclays PLC grew its holdings in shares of Icahn Enterprises by 24.3% during the 3rd quarter. Barclays PLC now owns 7,307 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 1,427 shares during the last quarter. Virtu Financial LLC bought a new stake in Icahn Enterprises in the 4th quarter worth $856,000. Finally, Icahn Carl C lifted its position in shares of Icahn Enterprises by 4.1% in the 4th quarter. Icahn Carl C now owns 450,788,170 shares of the conglomerate’s stock worth $3,908,333,000 after purchasing an additional 17,581,237 shares during the period. Institutional investors and hedge funds own 87.09% of the company’s stock.

Icahn Enterprises Company Profile

Icahn Enterprises L.P., through its subsidiaries, engages in the investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. The Investment segment invests its proprietary capital through various private investment funds. This segment provides investment advisory and other related services.