Icahn Enterprises L.P. (NASDAQ:IEP) Declares Quarterly Dividend of $0.50

Key Points

• Icahn Enterprises declared a quarterly dividend of $0.50 per share, with an ex-dividend/record date of May 18 and payment scheduled for June 25, implying an annualized yield of about 25.2%.
• The dividend appears potentially unsustainable, as the company reports a payout ratio of roughly 253.2% and has modestly reduced its dividend on average over the past three years.
• Recent results were weak: the company reported EPS of -$0.71 (missing the $0.10 estimate by $0.81) and revenue of $2.21B below estimates, while the stock traded around $7.94 with a market cap near $5.06B.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) announced a quarterly dividend on Monday, May 4th. Shareholders of record on Monday, May 18th will be given a dividend of 0.50 per share by the conglomerate on Thursday, June 25th. This represents a c) annualized dividend and a yield of 25.2%. The ex-dividend date is Monday, May 18th.

Icahn Enterprises has decreased its dividend by an average of 0.2%per year over the last three years. Icahn Enterprises has a payout ratio of 253.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Icahn Enterprises Price Performance

Shares of IEP stock traded down $0.39 during trading hours on Wednesday, hitting $7.94. 2,381,720 shares of the company's stock were exchanged, compared to its average volume of 921,955. The company has a quick ratio of 4.17, a current ratio of 4.17 and a debt-to-equity ratio of 1.93. The firm has a market cap of $5.06 billion, a P/E ratio of -13.23 and a beta of 0.83. The firm has a 50 day moving average of $7.83 and a two-hundred day moving average of $7.91. Icahn Enterprises has a fifty-two week low of $7.08 and a fifty-two week high of $9.99.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The conglomerate reported ($0.71) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.81). The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.33 billion. Icahn Enterprises had a negative return on equity of 8.22% and a negative net margin of 2.98%.

About Icahn Enterprises

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.