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

Key Points

• Icahn Enterprises declared a quarterly dividend of $0.50 per share, payable September 23 to shareholders of record on August 17. The dividend implies an annualized yield of approximately 26.8%.
• The dividend appears financially strained: the company’s payout ratio is 253.2%, meaning earnings do not currently cover distributions, while the dividend has declined modestly over the past three years.
• Icahn Enterprises reported a quarterly loss of $0.52 per share, missing the $0.11 consensus estimate, despite revenue of $2.98 billion exceeding analysts’ $2.04 billion forecast. Shares traded around $7.46, near the lower end of their 52-week range.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report) announced a quarterly dividend on Wednesday, August 5th. Stockholders of record on Monday, August 17th will be paid a dividend of 0.50 per share by the conglomerate on Wednesday, September 23rd. This represents a c) annualized dividend and a dividend yield of 26.8%. The ex-dividend date is Monday, August 17th.

Icahn Enterprises has decreased its dividend by an average of 0.2%annually 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 Stock Performance

Shares of NASDAQ:IEP traded down $0.27 during midday trading on Wednesday, hitting $7.46. The stock had a trading volume of 2,529,020 shares, compared to its average volume of 906,217. Icahn Enterprises has a 1 year low of $7.08 and a 1 year high of $9.52. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 2.72. The stock has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $7.71. The company has a market capitalization of $5.01 billion, a PE ratio of -14.35 and a beta of 0.79.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The conglomerate reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of $0.11 by ($0.63). Icahn Enterprises had a negative net margin of 3.24% and a negative return on equity of 10.27%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.04 billion.

Institutional Trading of Icahn Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC acquired a new position in Icahn Enterprises during the fourth quarter worth about $35,000. Western Wealth Management LLC purchased a new position in Icahn Enterprises in the first quarter valued at about $47,000. Hilton Head Capital Partners LLC acquired a new stake in shares of Icahn Enterprises during the 4th quarter valued at approximately $80,000. Caz Investments LP lifted its position in shares of Icahn Enterprises by 12.5% during the 2nd quarter. Caz Investments LP now owns 11,254 shares of the conglomerate's stock valued at $91,000 after acquiring an additional 1,254 shares during the period. Finally, Merit Financial Group LLC boosted its stake in shares of Icahn Enterprises by 12.7% during the 4th quarter. Merit Financial Group LLC now owns 13,021 shares of the conglomerate's stock worth $98,000 after acquiring an additional 1,464 shares in the last quarter. Institutional investors and hedge funds own 87.09% of the company's stock.

Icahn Enterprises Company Profile

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.

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