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

Key Points

• Icahn Enterprises fell to a new 52-week low of $5.68, below its 50-day and 200-day moving averages, with the stock last trading around $5.70.
• Weiss Ratings downgraded the company from “sell (d-)” to “sell (e+),” while the sole analyst tracked by MarketBeat maintains a Sell rating.
• The company reported a quarterly loss of $0.52 per share, missing estimates by $0.63, despite revenue exceeding expectations. Icahn Enterprises also pays a $0.50 quarterly dividend, implying a roughly 35% yield, but its negative earnings make the payout ratio unsustainable on a conventional basis.

Icahn Enterprises L.P. (NASDAQ:IEP - Get Free Report)'s stock price reached a new 52-week low during trading on Monday. The company traded as low as $5.68 and last traded at $5.6950, with a volume of 35,461 shares traded. The stock had previously closed at $5.76.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of Icahn Enterprises from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 16th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has a consensus rating of "Sell".

Icahn Enterprises Stock Down 0.8%

The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 2.98. The business's fifty day simple moving average is $6.76 and its 200 day simple moving average is $7.31. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of -7.71 and a beta of 0.77.

Icahn Enterprises (NASDAQ:IEP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The conglomerate reported ($0.52) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.63). The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Monday, August 17th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $2.00 annualized dividend and a yield of 35.0%. Icahn Enterprises's dividend payout ratio is -270.27%.

Institutional Investors Weigh In On Icahn Enterprises

A number of large investors have recently added to or reduced their stakes in IEP. Bank of America Corp DE increased its position in Icahn Enterprises by 301.4% during the 1st quarter. Bank of America Corp DE now owns 108,724 shares of the conglomerate's stock worth $821,000 after purchasing an additional 81,637 shares in the last quarter. Next Level Private LLC bought a new position in Icahn Enterprises during the 2nd quarter valued at $289,000. First Trust Advisors LP grew its holdings in shares of Icahn Enterprises by 2.7% in the 1st quarter. First Trust Advisors LP now owns 804,009 shares of the conglomerate's stock worth $6,070,000 after acquiring an additional 21,373 shares during the last quarter. Azzad Asset Management Inc. ADV acquired a new stake in shares of Icahn Enterprises in the first quarter worth $140,000. Finally, Sanders Morris Harris LLC acquired a new position in shares of Icahn Enterprises during the 3rd quarter worth $119,000. Hedge funds and other institutional investors own 87.09% of the company's stock.

About Icahn Enterprises

Icahn Enterprises L.P. NASDAQ: IEP is a diversified holding company managed by Icahn Capital LP. Its activities include making investments in public and private companies, pursuing activist investment strategies, and owning and operating businesses across several industries. The company is controlled by investor Carl C. Icahn, who serves as its chairman.

Its operating businesses have included petroleum refining and the production of nitrogen fertilizers through CVR Energy and CVR Partners, automotive parts distribution and repair services through Icahn Automotive, food packaging through Viskase Companies, and metal recycling through PSC Metals.

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