Goldman Sachs Group Inc. Sells 58,166 Shares of 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. trimmed its holdings in shares of Icahn Enterprises L.P. (NASDAQ:IEP - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Spire Wealth Management boosted its position in Icahn Enterprises by 57.1% during the first quarter. Spire Wealth Management now owns 5,500 shares of the conglomerate's stock valued at $50,000 after buying an additional 2,000 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Icahn Enterprises by 40,056.0% during the fourth quarter. BNP Paribas Financial Markets now owns 10,039 shares of the conglomerate's stock worth $87,000 after purchasing an additional 10,014 shares during the period. Summit Securities Group LLC boosted its holdings in shares of Icahn Enterprises by 187.6% during the first quarter. Summit Securities Group LLC now owns 10,300 shares of the conglomerate's stock worth $93,000 after purchasing an additional 6,719 shares during the period. WMG Financial Advisors LLC purchased a new stake in shares of Icahn Enterprises during the first quarter worth about $95,000. Finally, Arrow Investment Advisors LLC purchased a new stake in shares of Icahn Enterprises during the first quarter worth about $137,000. 87.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Icahn Enterprises from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Wall Street Zen upgraded shares of Icahn Enterprises from a "sell" rating to a "hold" rating in a report on Friday, September 5th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold".

Icahn Enterprises Stock Up 0.6%

IEP traded up $0.05 on Tuesday, hitting $8.23. The company had a trading volume of 311,027 shares, compared to its average volume of 739,809. Icahn Enterprises L.P. has a 52-week low of $7.27 and a 52-week high of $15.65. The stock has a fifty day simple moving average of $8.79 and a 200-day simple moving average of $8.73. The firm has a market capitalization of $4.72 billion, a P/E ratio of -6.69 and a beta of 0.78. 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 (NASDAQ:IEP - Get Free Report) last announced its earnings results 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 net margin of 6.78% and a negative return on equity of 15.65%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.39 billion. As a group, equities analysts expect that Icahn Enterprises L.P. will post -0.55 EPS for the current fiscal year.

Icahn Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders 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 dividend on an annualized basis and a dividend yield of 24.3%. Icahn Enterprises's dividend payout ratio (DPR) is currently -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.