Icahn Enterprises (NASDAQ:IEP) Reaches New 12-Month Low – Here’s Why

Icahn Enterprises L.P. (NASDAQ:IEP) reached a new 52-week low on Monday. The stock traded as low as $4.97 and last traded at $5.1150, with a volume of 822,794 shares trading hands. The stock had previously closed at $5.19.

Analyst Ratings Changes

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

Icahn Enterprises Stock Down 0.5%

The business’s fifty day moving average price is $6.62 and its two-hundred day moving average price is $7.42. The company has a debt-to-equity ratio of 2.98, a quick ratio of 2.87 and a current ratio of 2.87. The firm has a market capitalization of $3.67 billion, a P/E ratio of -6.98 and a beta of 0.75.

Icahn Enterprises (NASDAQ:IEP) last announced its quarterly earnings data on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.63). The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Icahn Enterprises had a negative net margin of 4.81% and a negative return on equity of 17.99%.

Hedge Funds Weigh In On Icahn Enterprises

Institutional investors have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in shares of Icahn Enterprises in the 1st quarter valued at $47,000. Chicago Partners Investment Group LLC acquired a new stake in Icahn Enterprises during the 3rd quarter worth about $70,000. Ancora Advisors LLC acquired a new stake in Icahn Enterprises during the 2nd quarter worth about $73,000. Paragon Capital Management Ltd purchased a new position in shares of Icahn Enterprises during the 2nd quarter valued at about $74,000. Finally, Mountain Hill Investment Partners Corp. raised its stake in shares of Icahn Enterprises by 20.0% during the 3rd 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. 87.09% of the stock is owned by hedge funds and other institutional investors.

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.