Goldman Sachs Group Inc. Cuts Stock Position in Icahn Enterprises L.P. $IEP

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Icahn Enterprises L.P. by 29.5%, selling 58,166 shares in the 1st quarter, leaving them with 139,197 shares valued at approximately $1.26 million.
• Icahn Enterprises reported a loss per share of ($0.30) for the quarter, significantly missing analysts' expectations, with revenue of $2.14 billion compared to expected $2.39 billion.
• The company announced a quarterly dividend of $0.50 per share, which reflects a high dividend yield of 24.4%, despite a negative payout ratio of -162.60%.

Goldman Sachs Group Inc. lowered its holdings in Icahn Enterprises L.P. (NASDAQ:IEP - Free Report) by 29.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,197 shares of the conglomerate's stock after selling 58,166 shares during the period. Goldman Sachs Group Inc.'s holdings in Icahn Enterprises were worth $1,261,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. BNP Paribas Financial Markets raised its stake in shares of Icahn Enterprises by 40,056.0% in the fourth quarter. BNP Paribas Financial Markets now owns 10,039 shares of the conglomerate's stock valued at $87,000 after buying an additional 10,014 shares during the period. Littlejohn Financial Services Inc. raised its stake in shares of Icahn Enterprises by 71.4% in the first quarter. Littlejohn Financial Services Inc. now owns 24,000 shares of the conglomerate's stock valued at $217,000 after buying an additional 10,000 shares during the period. Paragon Capital Management Ltd bought a new stake in shares of Icahn Enterprises in the first quarter valued at $156,000. Janney Montgomery Scott LLC raised its stake in shares of Icahn Enterprises by 164.0% in the first 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 during the period. Finally, Arrow Investment Advisors LLC bought a new stake in shares of Icahn Enterprises in the first quarter valued at $137,000. Hedge funds and other institutional investors own 87.09% of the company's stock.

Icahn Enterprises Stock Down 0.5%

IEP stock opened at $8.19 on Friday. The stock has a market capitalization of $4.70 billion, a P/E ratio of -6.66 and a beta of 0.78. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.40 and a current ratio of 3.40. Icahn Enterprises L.P. has a one year low of $7.27 and a one year high of $15.65. The company has a 50 day moving average price of $8.82 and a two-hundred day moving average price of $8.75.

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

Icahn Enterprises Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Monday, August 18th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $2.00 annualized dividend and a dividend yield of 24.4%. Icahn Enterprises's payout ratio is currently -162.60%.

Analysts Set New Price Targets

Several analysts have issued reports on IEP shares. Wall Street Zen upgraded Icahn Enterprises from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Zacks Research upgraded Icahn Enterprises from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold".

About Icahn Enterprises

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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