Counterpoint Mutual Funds LLC Makes New Investment in Icahn Enterprises L.P. $IEP

Key Points

• Counterpoint Mutual Funds LLC has acquired a new position in Icahn Enterprises L.P., purchasing 36,579 shares valued at approximately $294,000 in the second quarter.
• Icahn Enterprises recently upgraded its stock rating from a "strong sell" to a "hold" according to Zacks Research and Wall Street Zen.
• The company declared a quarterly dividend of $0.50, representing an annualized yield of 24.4%, despite a negative payout ratio of -162.60%.

Counterpoint Mutual Funds LLC purchased a new position in Icahn Enterprises L.P. (NASDAQ:IEP - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 36,579 shares of the conglomerate's stock, valued at approximately $294,000.

Several other hedge funds have also bought and sold shares of the stock. Janney Montgomery Scott LLC raised its position in shares of Icahn Enterprises by 164.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 52,759 shares of the conglomerate's stock valued at $478,000 after buying an additional 32,772 shares in the last quarter. Spire Wealth Management increased its stake in Icahn Enterprises by 57.1% during the first quarter. Spire Wealth Management now owns 5,500 shares of the conglomerate's stock worth $50,000 after acquiring an additional 2,000 shares during the last quarter. M&T Bank Corp purchased a new stake in Icahn Enterprises during the first quarter valued at approximately $161,000. BNP Paribas Financial Markets raised its position in Icahn Enterprises by 40,056.0% during the fourth quarter. BNP Paribas Financial Markets now owns 10,039 shares of the conglomerate's stock valued at $87,000 after purchasing an additional 10,014 shares during the period. Finally, National Bank of Canada FI raised its position in Icahn Enterprises by 20.0% during the first quarter. National Bank of Canada FI now owns 30,000 shares of the conglomerate's stock valued at $272,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 87.09% of the company's stock.

Analysts Set New Price Targets

IEP has been the topic of a number of recent research reports. Zacks Research upgraded Icahn Enterprises from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Wall Street Zen upgraded Icahn Enterprises from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of "Hold".

Icahn Enterprises Stock Performance

Icahn Enterprises stock opened at $8.18 on Thursday. The company has a debt-to-equity ratio of 1.96, a current ratio of 3.40 and a quick ratio of 3.40. Icahn Enterprises L.P. has a 1-year low of $7.27 and a 1-year high of $15.65. The firm has a market capitalization of $4.69 billion, a P/E ratio of -6.65 and a beta of 0.78. The company's 50-day moving average is $8.75 and its 200 day moving average is $8.73.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The conglomerate reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.44). Icahn Enterprises had a negative return on equity of 15.65% and a negative net margin of 6.78%.The firm had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.39 billion. Research analysts forecast that Icahn Enterprises L.P. will post -0.55 EPS for the current year.

Icahn Enterprises Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Monday, August 18th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 24.4%. The ex-dividend date of this dividend was Monday, August 18th. Icahn Enterprises's dividend payout ratio is -162.60%.

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.

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