Icahn Enterprises (NASDAQ:IEP) Sets New 52-Week Low - Here's What Happened

Key Points

• Icahn Enterprises shares fell to a new 52-week low of $7.05, below the prior close of $7.42. Weiss Ratings reaffirmed a “sell (D-)” rating, matching the analyst consensus.
• The company reported a quarterly loss of $0.52 per share, missing estimates for earnings of $0.11 per share, despite revenue of $2.98 billion exceeding expectations.
• Icahn Enterprises declared a quarterly dividend of $0.50 per share, equal to a $2.00 annualized payout and a reported 28.7% yield; however, its dividend payout ratio is deeply negative at -270.27%.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s share price hit a new 52-week low during trading on Monday . The stock traded as low as $7.05 and last traded at $6.9880, with a volume of 109272 shares trading hands. The stock had previously closed at $7.42.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Icahn Enterprises in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Sell".

Icahn Enterprises Price Performance

The company has a debt-to-equity ratio of 2.98, a current ratio of 2.87 and a quick ratio of 2.87. The business's fifty day moving average price is $7.45 and its 200-day moving average price is $7.69. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -9.43 and a beta of 0.79.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last posted its earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.63). The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.04 billion. Icahn Enterprises had a negative return on equity of 17.99% and a negative net margin of 4.81%.

Icahn Enterprises Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Monday, August 17th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, August 17th. This represents a $2.00 annualized dividend and a yield of 28.7%. Icahn Enterprises's dividend payout ratio is -270.27%.

Hedge Funds Weigh In On Icahn Enterprises

A number of hedge funds have recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new stake in shares of Icahn Enterprises in the fourth quarter valued at about $35,000. Western Wealth Management LLC bought a new position in shares of Icahn Enterprises during the 1st quarter worth approximately $47,000. Ancora Advisors LLC purchased a new position in Icahn Enterprises in the second quarter worth $73,000. Hilton Head Capital Partners LLC bought a new position in shares of Icahn Enterprises during the 4th quarter valued at approximately $80,000. Finally, Caz Investments LP increased its position in Icahn Enterprises by 12.5% in the second quarter. Caz Investments LP now owns 11,254 shares of the conglomerate's stock worth $91,000 after buying an additional 1,254 shares during the last quarter. 87.09% of the stock is owned by hedge funds and other institutional investors.

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.

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