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

Icahn Enterprises L.P. (NASDAQ:IEP)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.85 and traded as low as $7.47. Icahn Enterprises shares last traded at $7.47, with a volume of 758,021 shares.

Analyst Ratings Changes

A number of equities analysts recently commented on IEP shares. Wall Street Zen cut Icahn Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Icahn Enterprises in a report on Friday, April 10th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Icahn Enterprises Trading Down 0.4%

The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 2.72. The stock has a fifty day simple moving average of $7.79 and a 200 day simple moving average of $7.85. The firm has a market capitalization of $5.00 billion, a P/E ratio of -14.31 and a beta of 0.83.

Icahn Enterprises (NASDAQ:IEP) last issued its earnings results on Wednesday, May 6th. The conglomerate reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.81). Icahn Enterprises had a negative return on equity of 10.27% and a negative net margin of 3.24%.The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.33 billion.

Icahn Enterprises Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Monday, May 18th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 26.9%. The ex-dividend date of this dividend is Monday, May 18th. Icahn Enterprises’s payout ratio is -384.62%.

Institutional Investors Weigh In On Icahn Enterprises

Large investors have recently made changes to their positions in the company. Kestra Advisory Services LLC bought a new stake in shares of Icahn Enterprises in the fourth quarter worth about $35,000. Western Wealth Management LLC bought a new stake in shares of Icahn Enterprises in the first quarter worth about $47,000. Hilton Head Capital Partners LLC bought a new stake in shares of Icahn Enterprises in the fourth quarter worth about $80,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Icahn Enterprises in the third quarter worth about $88,000. Finally, Caz Investments LP increased its holdings in shares of Icahn Enterprises by 12.5% in the second quarter. Caz Investments LP now owns 11,254 shares of the conglomerate’s stock worth $91,000 after purchasing an additional 1,254 shares during the last quarter. 87.09% of the stock is owned by institutional investors.

Icahn Enterprises Company Profile

Icahn Enterprises L.P. (NASDAQ: IEP) is a diversified holding company based in New York City. Controlled by veteran investor Carl C. Icahn, the partnership makes strategic investments and owns wholly or partially controlled subsidiaries across a broad range of industries. With a flexible capital structure, Icahn Enterprises seeks to generate long-term value through active ownership, asset optimization and operational improvements.

The company reports its activities through five principal business segments.