Icahn Enterprises (NASDAQ:IEP) Reaches New 52-Week Low – Here’s What Happened

Icahn Enterprises L.P. (NASDAQ:IEP) shares reached a new 52-week low on Friday. The stock traded as low as $4.70 and last traded at $4.5850, with a volume of 543,262 shares. The stock had previously closed at $4.86.

Wall Street Analyst Weigh In

IEP has been the topic of several recent analyst reports. Weiss Ratings cut Icahn Enterprises from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 16th. Wall Street Zen lowered shares of Icahn Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. One research analyst has rated the stock with a Sell rating. According to MarketBeat, Icahn Enterprises has an average rating of “Sell”.

Icahn Enterprises Price Performance

The stock has a market capitalization of $3.51 billion, a PE ratio of -3.01 and a beta of 0.74. The business’s 50-day moving average price is $6.31 and its 200 day moving average price is $7.29. The company has a debt-to-equity ratio of 4.07, a quick ratio of 3.00 and a current ratio of 3.00.

Icahn Enterprises (NASDAQ:IEP) last issued its quarterly earnings data on Tuesday, November 3rd. The conglomerate reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.40). The business had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Icahn Enterprises had a negative return on equity of 20.22% and a negative net margin of 9.25%.

Icahn Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 23rd. Shareholders of record on Monday, November 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 43.1%. The ex-dividend date is Monday, November 16th. Icahn Enterprises’s dividend payout ratio is currently -129.87%.

Institutional Trading of Icahn Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its position in shares of Icahn Enterprises by 301.4% during the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate’s stock valued at $821,000 after acquiring an additional 81,637 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Icahn Enterprises by 12.3% in the first quarter. Cetera Investment Advisers now owns 24,008 shares of the conglomerate’s stock worth $181,000 after purchasing an additional 2,622 shares during the last quarter. Next Level Private LLC bought a new position in shares of Icahn Enterprises in the second quarter worth approximately $289,000. Western Wealth Management LLC bought a new position in shares of Icahn Enterprises in the first quarter worth approximately $47,000. Finally, Kestra Advisory Services LLC raised its stake in Icahn Enterprises by 208.9% in the first quarter. Kestra Advisory Services LLC now owns 14,279 shares of the conglomerate’s stock valued at $108,000 after purchasing an additional 9,657 shares in the last quarter. Hedge funds and other institutional investors own 87.09% of the company’s stock.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. is a diversified holding company that invests in and operates businesses across several industries. Its activities include energy, automotive services, food packaging, real estate and home fashion, alongside its investment operations. The company conducts much of its business through subsidiaries and other controlled entities, including operations serving customers in the United States and international markets. Its roots date to 1987, when it was formed as American Real Estate Partners; it adopted the Icahn Enterprises name in 2007.