Icahn Enterprises (NASDAQ:IEP) Hits New 1-Year Low – Here’s What Happened

Icahn Enterprises L.P. (NASDAQ:IEP) shares hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $5.68 and last traded at $5.6950, with a volume of 35,461 shares changing hands. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock has an average rating of “Sell”.

Icahn Enterprises Stock Performance

The company has a 50 day simple moving average of $6.70 and a 200 day simple moving average of $7.46.

Icahn Enterprises (NASDAQ:IEP) last issued its quarterly earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.63). The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.04 billion.

Icahn Enterprises Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Monday, August 17th were given a $0.50 dividend. The ex-dividend date was Monday, August 17th. This represents a $2.00 annualized dividend and a yield of 36.0%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IEP. Western Wealth Management LLC purchased a new stake in Icahn Enterprises during the first quarter worth $47,000. Ancora Advisors LLC purchased a new stake in Icahn Enterprises during the 2nd quarter worth about $73,000. Paragon Capital Management Ltd acquired a new stake in shares of Icahn Enterprises during the 2nd quarter worth about $74,000. Mountain Hill Investment Partners Corp. raised its position in shares of Icahn Enterprises by 20.0% in the third quarter. Mountain Hill Investment Partners Corp. now owns 12,000 shares of the conglomerate’s stock valued at $81,000 after buying an additional 2,000 shares during the last quarter. Finally, Hilton Head Capital Partners LLC lifted its stake in shares of Icahn Enterprises by 33.8% during the third quarter. Hilton Head Capital Partners LLC now owns 14,132 shares of the conglomerate’s stock valued at $95,000 after buying an additional 3,569 shares during the period. 87.09% of the stock is currently owned by institutional investors and hedge funds.

About Icahn Enterprises

Icahn Enterprises L.P. (NASDAQ:IEP) is a diversified holding company managed by Icahn Capital LP. Its activities include making investments in public and private companies, pursuing activist investment strategies, and owning and operating businesses across several industries. The company is controlled by investor Carl C. Icahn, who serves as its chairman.

Its operating businesses have included petroleum refining and the production of nitrogen fertilizers through CVR Energy and CVR Partners, automotive parts distribution and repair services through Icahn Automotive, food packaging through Viskase Companies, and metal recycling through PSC Metals.